Tuesday Market Wrap-

The indexes have held and the bounce started yesterday morning at around 10:15.  That’s when everything bottomed and started the charge higher.

The Russell, the Dow and the S&P all came within a whisper of their respective 200 day moving averages yesterday. The Nasdaq (QQQ) didn’t get near its 200 day moving average yesterday, but did a great job of holding lateral support.

Technically things are shaping up, but there are things to keep an eye on for the rest of the week. The Dow and the Nasdaq stopped today at their 50 day moving averages.  That’s good, but we need a close above that level.

The Russell 2000 closed above its 50 day, but is at short term downtrend line resistance (blue line).


The SPX has rallied 70 handles since yesterday’s low, but is right at its short term downtrend line (blue line).  This can be a stall spot or the place it will break out for higher prices.


In the “cant get any closer to support “ department, the IBB  came within pennies of its 50 day moving average.  It also took back its 21 day moving average as well as its downtrend line.  The bounce was impressive. After the close today, GILD reported a good number, but guidance was not up to snuff so they sold it off about 3.3% in the aftermarket. We’ll see if buyers step up tomorrow as it has decent weighting in the IBB etf.

See you in the morning.

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