A decent reversal off a support test the past 2 hours is taking a breather. DJ30, SP500, SOX undercut the 200 day MA and have since rebounded, SP500 and DJ30 showing nice doji with tail on the candlestick chart. SP400, NASDAQ undercut their trendlines and have rebounded to doji as well. RUTX a big doji with tail, reaching below the 50 day MA, rebounding.
Again this same support has held through this part of the session, and the doji suggest they will try to bounce further, if not today then Friday.
Given this action, we are watching HD to see if we want to pick up some more. MRO broke out on its earnings; nice. AMZN is showing a 4-day test of the 10 day MA after its earnings move, indicating it may be ready to start moving up again soon.
Like the reversal as it shows buyers came in to seek stocks below support. Now will see if the rebound into the afternoon can hold the last two hours.
SP500 -4.05, -0.15%
NASDAQ -9.97, -0.14%
DJ30 11.20, 0.05%
SP400 0.10%
RUTX -0.33%
SOX 0.45%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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