Okay, stocks are making that test discussed. SP500 tapped near the 50 day MA and has rebounded. DJ30 tested the 10 day EMA, hardly breaking a sweat. NASDAQ 100 at the 50 day MA but NASDAQ has broken the 50 day. SOX broke the 200 day, SP400 and RUTX dumpster diving.
SP500 -21.84, -0.75%
NASDAQ -139.33, -1.74%
DJ30 -185.36, -0.69%
NASDAQ 100 -1.84%
Biotechs getting clobbered but to be fair they are not alone. This is the test we were watching for and now it is a matter of whether the big indices hold. NYSE large caps yes, NASDAQ 100 so far, NASDAQ has to make a comeback over the next few sessions.
Jon Johnson, Chief Market Strategist
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