I'm still on the sidelines -- maybe tomorrow I'll be back
I just ran an hourly chart on the Value line Index - an arithmetic index of 1700 stock followed by Value Line. The index shows trading below its 20, 50 and 100 hourly moving averages.
The index is trading at 2235.80 with resistance at 2267.55 and support at 2214.83.
My advice is to trim stocks trading below their 50 day moving averages but I'd not replace them until I see some support in the market.
Jim Van Meerten is an investor who writes on financial matters here and on Financial Tides. Please leave a comment below or email JimVanMeerten@gmail.com