Market update : Still holding well
This is an overbought market that failed to catch the 50 day moving average. The reversal yesterday didn’t extend heavily into the market and it still finished above 1407 the 23.6% Fibonacci retracement levels. The next stop is 1392 the 38.2 % level. Most leading stocks finished where they and down a bit but AAPl gap opened 5 points down and than went down to 572 levels within an hour, which is the 23.% level of Fib retracement. There was heavy selling and the volumes were up in the name. GOOG and PCLN are above their 200 day and 50 day moving averages and hence acting better.