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NASDAQ Enters Bear Territory

Update at 3:00 PM. Market close. Short rally of a few points reversed before the close. S&P 500 closed down 45, but off session lows. 

 Update at 2:30 PM. Markets are showing small bounce after hitting supply zones mentioned below. 

 Using the three percent rule on the 200-day moving average, the Nasdaq moved into bear territory this morning. 

 Both the S&P 500 and DJIA are near this level, but haven't crossed over to bear status yet. There is some demand for the SPY at 267-268. If the prices bounces off in this zone, we may get a small bounce. No way to predict this of course. 

 At this point, while I can't really make recommendations, it's probably safer to be in money markets right now. I sold off one ETF for a break even this morning and moved it to a money market that pays 2.08 percent. I tightened my stop on my SCHD dividend ETF to manage my risk. 
Chart of the Nasdaq QQQ ETF
Click to expand. Purple line is the 200-day MA for the QQQ ETF, which is a Nasdaq index fund.

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