Less wild day yesterday but DOW still dropped 300 points from the highs. Overnight, futures were strong…then flat and then Draghi from the ECB said something about weaker Europe and balance of risks are now to the downside= MORE EASY MONEY and then something about China buying soybeans. Not kidding.
These support levels have held 3 times over the past 2 months. As long as they hold, market has a chance. That said, lots of ugly charts, lots of technical damage but we still hold.
Strength showing up in a slew of software names. Actually had a couple in new highs yesterday. BUT…if we turn down, they will get them also but right now, on out screens. DATA, TWLO, SEND, UBNT, WDAY come to mind. We advocate nothing right now. Mentioning for your review.