Amazing how a few mega-cap reactions can help market and turn the tide to a certain extent.
First…major indices again held long-term support as the S&P went right back to the 200 day.
Second…the NASDAQ/NDX is just back into the range…which we suspect has more to go. Other indices less so.
Yesterday, it was FB doing the job…great number but a sandbagged guidance. CMG also woke up.
Today, it is a big trifecta….AMZN, INTC, MSFT. AMZN numbers were over-the-top better than guidance. These moves have other stuff moving in sympathy. But while Qs are up 1.5% this morning, S&P up only .2% with DOW futures actually down a wee bit.
Will have a complete wrap-up this weekend.