DJ30, SP500, SP400 holding the line over the 200 day MA. RUTX holding its recent lows as well just over the early March low. Those indices are in pretty good shape, having sold hard before most of the other indices, particularly DJ30 and SP500.
NASDAQ is down significantly harder, touching down at the last November high at 6900. SOX is down hardest, down over 2% but it is rebounding. Touched down at 1294 but has rebounded to hold the 61% Fibonacci retracement of the February to March rally.
Thus, you have some of the hardest hit indices attempting to hold the same level since the Friday selloff. You have the other indices that held up better catching down to the Dow and SP500. Some stabilization, but not what you would call any kind of bottom and reversal. To us that means the market is as undecided as it has been with the volatile down then up sessions.
Retail is showing relative strength, but most other areas are not. Oil stocks had some interest in a few areas but those are getting whacked today. Big tech, FAANG, biotech, chips are still struggling to hang on.
AMZN is off the lows but it is holding below the 50 day MA's, where it opened with a downside gap.
The new downside plays gapped, rallied/sold, recovering some late. Not sure with all the back and forth whipsaw in the market that we want to jump on them. Particularly with DJ30, SP500 and other NYSE indices holding on a bit better after their prior declines.
SP500 3.38, 0.13%
NASDAQ -27.59, -0.39%
DJ30 88.77, 0.38%
SP400 0.29%
RUTX -0.19%
SOX -1.52%
NASDAQ 100 -0.49%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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