DJIA and Nasdaq Hold Above Support, S&P Moves Below

DJIA - 206.48, -1.59% SP500 - 25.69, -1.81% NASDAQ Comp. - 44.82, -1.80% Russell 2000 - 13.58, -1.86% All four major indices pulled back sharply today. The DJIA retests its breakout and holds. The S&P falls below support in the first test of its breakout. The Nasdaq holds above support in its first test of the resistance breakout. The Russell 2000 bounces down from resistance again. Watch the price action in context of the S1, S2 and S3 levels of last Thursday’s large white candle on each index. Reversing Tuesday’s positive price action, most of the stocks in our watchlist moved lower today. Many with short-term reversal candlestick patterns. Earnings ATW – 5/9 FLR – 5/12 Today’s Action Bearish Engulfing in Uptrend BUCY, GILD At Support Still ESRX Moving Up IBM, V, MTL Moving Down FLR, ICE, BIDU, STRA, SOHU, GS, DECK, MA, PCLN, AAPL, CF, MER, MOS, LEH, CELG, AMZN, MON, CNX, MS, JASO, FSLR, MEE, CLF, FWLT, EBAY, GRMN, X Intermediate Term Market Trend: Up Short Term Market Trend: Down