US stocks have rebound day after tumble yesterday
Still not fully out of the woods after sharp fall yesterday
The major US stock indices are ending the session with modest gains after yesterday's tumble, BUT levels are still off the afternoon corrective highs.
- S&P is ending the day up 8.71 points or +0.37 points at 2365.74. The high reached 2375.74 in afternoon trading. The close is higher BUT it failed to close back above the 50 day MA at 2369.37. In that respect, it is a bit of a disappointment and the technical bias is a bit negative.
- The Nasdaq is ending the session at 6055.129, up 43.89 points or 0.73%. The afternoon high reached 6073.45. The low reached 5996.816. Overall, closer to the high but the 1% gains seen earlier in the day were not sustained.
- The Dow is ending at 20663.02, up 56.09 points or 0.27%. The high reached 20759.20 in afternoon trading, the low traded to 20553.45.
So although higher today, tomorrow will be more telling for the short term fortunes of the stock market. It can go either way.