I think market may get a lifting today especially STI indexes.
As reflected on the chart, Dow went all the way down to touch 23531 before Bull gaining strength to take control of the Bull and close above it 200 days MA which is around 23740 level .
It is still not out of the wood yet. It might be good to monitor and hopefully it doesn't breakdown the 23316 level ( previous low) of which it would be super bearish.
Tech/Manufacturing counter such as Venture , Hi-p, AEM , Valuetronics & Sunningdale Tech etc may likely see a rebound.
I think it might be a good opportunity for those who want to exit /take profit/ cut loss .
Please do your own due diligence.
The Dow Jones industrial average edged out a 5.17-point gain to finish at 23,930.15 by the closing bell after falling nearly 400 points in morning trading. The S&P 500 closed down 0.23 percent to close at 2,629.73 after dropping as much as 1.6 percent. Both indexes also dipped below their 200-day moving averages, but were back above those levels by the end of the session.
The Nasdaq composite fell 0.18 percent after dropping more than 1 percent, ending the day at 7,088.15. The Nasdaq pared losses later in the day was buoyed by a rebound in Amazon and Apple shares as well as a 0.6 percent gain in software giant Microsoft. Enterprise technology company Cisco added 1.3 percent.
"The market got very cheap and buyers just came in," said Jeremy Klein, chief market strategist at FBN Securities. "I mean you'll still seeing sectors like banks lag ... [but] industrials had a really nice bounce. A stock like Boeing, which has been really dragging lately, found a nice bid this morning." ( cnbc.com)
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