While NASDAQ looks interesting with a doji at the trendline from 2016, and DJ30 and SP500 continue holding key levels, I am just not that excited about the upside move. Leadership in terms of AMZN, NVDA, NFLX, LRCX move higher, but they are not inspiring moves. Tepid leadership at best. PTN is moving up on good volume. A veritable flood of leaders surging -- not. Without leadership, not a lot of staying power, making this rally look more like a relief move. Leaders can still emerge as a move progresses, but it is easy to say this move is not one that inspires a lot of confidence the next major move is upside.
We are letting positions work higher as they will, and then se if this bounce turns out to be more as the week progresses. DJ30, SP500 and you can argue the other indices have put in their downside time and are in position to move. Thus we see if stocks can hold a move.
SP500 26.58, 1.02%
NASDAQ 58.42, -0.86%
DJ30 321.75, 1.39%
SP400 1.25%
RUTX 1.17%
SOX 1.80%
NASDAQ 100 0.93%
Volume: Running 5% or so lighter on the NYSE and NASDAQ, another indication the move higher is not loaded with power.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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