DOW AND S&P 500 RETEST 50-DAY LINES -- STOCKS CLOSE WELL OFF THEIR LOWS -- QQQ ENDS IN POSITIVE TERRITORY

DOW AND S&P 500 HOLD SHORT-TERM SUPPORT...Stocks opened sharply lower this morning but recovered most of their losses by day's end.   One encouraging sign was that the Dow the S&P 500 found some support at their 50-day moving averages and potential chart at last week's intra-day lows.   Charts 1 and 2 also show both indexes recovering most of their earlier losses which is encouraging.   Nine sectors fell today with the weakest being commodity-related energy and materials.   A rebound in the dollar may have contributed to some commodity selling.   Technology and communication services were the only two sectors in the black.   That helped the Nasdaq recover some lost gound.

NASDAQ 100 SEES SMALL GAIN...Chart 3 shows the Invesco QQQ Trust ending the day with a small gain after opening the day sharply lower.    The QQQ also found some support at last week's intra-day low.   The QQQ, however, has been the weakest of the three major market indexes and remains below its 50-day line.  It needs to regain its blue line and exceed last week's intra-day highs to restore some upside momentum.