Market Alert - Last Hour

Tariffs on aluminum and steel, Dudley saying four rate hikes in 2018 is still considered 'gradual,' and perhaps Putin's boast about Russia's hypersonic missile teamed up to hit stocks for a third session lower.

SP500 -45.36, -1.64%
NASDAQ -114.23, -1.57%
DJ30 -496.57, -2.00%
SP400 -0.56%
RUTX -0.13%
SOX -1.96%
NASDAQ 100 -1.82%

SP500 and DJ30 came back to the December consolidation and are attempting to hold. A bounce starting at 2:00ET led to a modest recovery, but that is getting tested right now without making a lot of upside.

NASDAQ undercut the 50 day MA's, but has recovered to hold them at this juncture. SOX tapped at the 50 day MA's and rebounded to hold the 10 day EMA.

SP400 is showing a tight doji, coming off the lows nicely; perhaps a bit done for the selling near term. RUTX showing a tighter doji after reaching way down past the October high, reversing to near flat. The small and midcaps may have sold out near term, but they will have to prove it.

Looking at our positions there is some give back in the big names such as AMZN (broke the 10 day, recovered to hold it), CRM (to the 10 day WMA). NFLX is hardly bothered.

Metals are faring much better today, posting upside.

Overall, after 3 days of market weakness there are still very good holds of support. With the large caps doing a poor job of holding this last hour bounce attempt, however, that may not remain the case. If they do hold support, given the gloom, we won't be in that much of a hurry to close them.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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