Market Alert - Last Hour

While the semiconductors are taking it square on the chin and all of the indices are lower, the index charts and nearly all leaders look solid. Yes AAPL and NVDA are weak and a drag, but they were not really the leaders right now. Chips are disappointing, but the guidance is at worst 50-50. Not trying to be Polly Anna, but let's look at the charts.

SP500, DJ30, NASDAQ just broke through the 50 day MA Tuesday. They are in a an excellent, tight test of that break. We will have to see how they close after this last half hour of the session passes, but right now they are in tight doji over the 50 day in, again, a very textbook test of the breakout over that resistance.

Leadership is very similar, holding the moves with very narrow losses after good upside breaks: CRM, RHT, WDAY, GRUB, FND, FFIV, NFLX, NTNX, HLF, ATHM -- Many. AMZN is up. So is CERS, FCX, GLUU, AMED -- in short, it is not carnage. The bids have just not returned today.

MCD, AMAG not performing that well, NVDA as well. LITE is problematic, and LRCX dropped to the 200 day MA fast, so letting it gel there and make a bounce.

Looking at FCX as still in the buy zone after the WED upside gap; it has added some today and while it is near the February high, we may pick up a partial late session as it is showing the kind of volume that could keep pushing it.

SP500 -14.31, -0.53%
NASDAQ -51.00, -0.70%
DJ30 -69.49, -0.28%
SP400 -0.42%
RUTX -0.42%
SOX -4.15%
NASDAQ 100 -0.75% (thanks AAPL, NVDA)
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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