Market Alert - Last Hour

SP500 put in a new high past the January close but thus far it has backed off, unable to hold it. The midcaps on the other hand, are surging higher, adding onto the Monday move. This is a more meaningful rally.

RUTX is blasting higher over 1%, crushing a new high as well.

DJ30 is over the March peak, the penultimate high, kind of, on its way back to challenging its January all-time high.

NASDAQ, well, it is up, but it is also off the highs. Many of the FAANG are up but not convincingly. NFLX is the strongest with a 3% move taking it back towrad the 20 day, but it is backing off some as we want to see for the downside. Indeed, these stocks don't appear to have as staunch a bid as other areas.

SOX not bad, moving back up through the 200 day MA as XLNX and others recover.

ADBE rallied but has backed off to a tombstone doji. SWKS testing the 10 day EMA on lower volume as it bounced. DATA is better, but it is at the 10 day/50 day EMA confluence in a bounce.

Others that were on the 'other side' hare looking good, e.g. BA, HD, HON. Rails solid, industrial.

Same kind of rotation we have seen, but everyone is happy because of records and all indices higher. But it is not a renewal of the upside for all stocks from the look of it.

We have several plays at entry levels, but no volume on many. We picked up URI earlier; solid. Looking at AGN, HEAR, NEPT as new upside. Likely letting all downside continue working as today is a relief move in them after good declines.

SP500 5.35, 0.19%
Nasdaq 35.23, 0.45%
dj30 58.00 0.23%
sp400 0.78%
RUTX 1.19%
sox 1.91%
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Jon Johnson, Chief Market Strategist
InvestmentHouse.com

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