The indices swung from negative to positive back to negative but for SOX, and NASDAQ 100 is hanging on thanks to AMZN's big gains. Even those however are cut in half.
The action on AMZN, NFLX are showing tombstone doji after an additional move higher to test he prior highs. The indices show moves higher followed by moves back down, but as of now these do not look like rollovers back to the prior low. As noted earlier, it could be the indices hang around for a few sessions and attempt to hold the line, consolidate the move back up, and then try a new upside move. Cannot discount that possibility just as you cannot discount that the indices roll over and fall to test that prior low.
The downside plays are off their lows so not moving into them today. Letting the upside work a bit to see if this move continues upside. SOX is at the November high; moved through it then faded and now is right at that level.
SP500 -12.58, -0.47%
NASDAQ FLAT
DJ30 -227.08, -0.89%
SP400 -0.60%
RUTX -0.89%
SOX +1.91%
NASDAQ 100 +0.26%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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