Stocks Stop Bleeding With Small Bounce

technical bounceScott Redler: U.S. stocks finally at least found some footing on Tuesday after Monday’s rout shaved more than 2% off all major U.S. indices. The S&P staged a 0.76% snap-back yesterday, but the bounce was feeble and not altogether convincing. This morning world markets are mixed as Japan bounced back 1.23% while most of Europe is close to the flat-line. US indices are slightly negative before the open with S&P futures down 5-6 handles. 

The S&P’s bounce was contained at 1758, which lines up with our Resistance #1 1760 area. Yesterday’s bounce felt like there wasn’t really that much behind it. Continue to use Monday’s pivot low of 1740 as key support to watch, and watch Monday’s lows in all sectors as well. 

Keep an eye on strong stocks that have been holding up relatively well. 

Facebook Inc(NASDAQ:FB) held higher as it gained 2% yesterday. The longer it stays above $62, the higher the

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