After additional selling to almost midmorning, stocks rebounded. Two big legs higher, one aided by reports that the US Trade rep told industry officials that the next round of China tariffs were on hold. Much rejoicing. Around 3:00ET a statement was issues saying that was not the case. Stocks rallied farther on the first report, have given up some gains after the second report. A market led around by the story of the moment.
Nonetheless, stocks have rebounded in yet another potential 'bottom.' SOX looks the best on the bounce and DJ30 is not bad with a doji at the 200 day MA, but bigger picture there is little change in the indices. Even with 1%+ index gains they are still in the same range.
SP500 23.54, 0.86%
NASDAQ 106.09, 1.49%
DJ30 159.44, 0.63%
NASDAQ 100 1.46%
Some good stocks are showing good moves, e.g. XLNX, TWLO, MMM, but not all stocks moving have good patterns. XLNX and TWLO do.
After a series of high to low days it is positive to see a low to high, but in itself it is just part of the back and forth action.
Jon Johnson, Chief Market Strategist
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