DJ30 has taken out the February closing low and is less than 200 pts from the FEB intraday low. SP500 is 20 points from the FEB closing low and just over the 200 day MA. The test of the prior lows is in progress.
SOX is holding the lower channel, NASDAQ has undercut that channel, nearing support at 7000.
This is the selling we wanted to see on the open, but DJ30 had to try and move higher. That was sold and now at least it is making the test.
China is suggesting billions more in tariffs as it retaliates for actions taken against its IP theft. The President signed an absolutely pork ridden spending bill. The financial stations are saying this is going to get worse because of tariffs, etc. Good. Get panicky into the prior lows. Perfect timing.
At this juncture we are going to wait for the bounce given the large cap NYSE indices are at the lows as discussed last night and see if the other indices can hold at higher levels and rally from there.
SP500 -48.29, -1.83%
NASDAQ -141.94, -1.99%
DJ30 -344.26, -1.46%
SP400 -1.63%
RUTX -1.47%
SOX -2.78%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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