The markets are down once again, falling for the third day in a row. The SPDR S&P 500 ETF (NYSEARCA:SPY) is trading at $139.28, -1.15 (-0.82%). This recent rally has been a monster, blasting the SPY from $120.00 in December to the recent 52 week high of $141.83. The move has seen little to no down days and has even pushed the retail investor into full on bullish mode.
While the pull back is solid today, the daily S&P 500 20 moving average is getting tagged. That level must get broken for the markets to fall further. Any break of the daily 20 moving average, would see the markets dump to the $136.50 level on the SPY.
While Apple and JPMorgan are selling today, stocks like International Business Machines Corp. (NYSE:IBM), Amazon.com, Inc. (NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC) are slightly higher. These are the only green in an otherwise very red market.
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Gareth Soloway
Chief Market Strategist
www.InTheMoneyStocks.com
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