The indices are solidly lower, but as with the futures, no real selloff overall. Some areas continue to struggle, e.g. FAANG while energy is off after a good week prior. Stocks are rebounding into the close as bids return. The bias remains somewhat upside even on a down day as there is a rush to pick up stocks to the close.
Today we are not going to buy given the proximity to the resistance; will see if the late rebound is something the flows into Friday. A normal-ish pullback but the proximity to resistance is a concern of course.
Took some struggling positions off the table, others mostly holding on nicely.
Jon Johnson, Chief Market Strategist
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