Sluggish all session but overall constructive. The 'industrial side' is up in many cases, but it is not any kind of new surge as some stocks you would anticipate rising are not, e.g. EMR, CSX. JNJ, MRK higher, PFE flat. Hit or miss.
AMZN, AAPL making the 20 day MA tests after good runs. That is what you want to see, i.e. a good run, a test of near support. After perhaps an intraday reach lower Friday, you look for a rebound to a doji to set up a new move higher off a 1-2-3 pullback.
SOX is getting hit hardest, down 2.62%, sending it to near the 50 day MA. Okay, it IS going to make that 50 day MA test after teasing a breakout without doing so. MU, AMAT, AVGO getting smoked while AMD, XLNX do a decent job of hanging in.
Pretty much the kind of counter move to the prior two weeks that we anticipated, but the bounce from the 'other' stocks outside AAPL, AMZN and big tech is rather tepid.
SP400 -8.72, -0.30%
NASDAQ -68.97, -0.85%
DJ30 40.57, 0.16%
SP300 -0.29%
RUTX -0.63%
SOX -2.66%
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Jon Johnson, Chief Market Strategist
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