{+++} We witnessed a healthy pullback today. Short term support is now at SPX 1814 and SPX 1800, with resistance at the 1828 and 1841 levels. The market started off fine, but then became a bit unhinged around 12:30.
Biotech stocks started out very strong but corrected violently at around 11:30. BIIB was down 15, CELG down 5, AEGR down about 5. REGN,which triggered today, was down almost 6. IBB , the biotech ETF was down 1.3%, but closed about 7 points from the high of the day.
WFC & JPM are really the only important names reporting tomorrow.
Here were some strong dollar winners today.
Here were some dollar losers today.
Not sure yet if this is the start of what may be a bigger move lower or not. The SPX closed just two handles below its 21 day moving average and most sell offs have been met with buyer support. Lets see how we shake out tomorrow.
Some stocks stopped out at profits today on the P&L.
Have a great night.
Joe