Watch the Key Technical Levels

 | Sep 06, 2017 | 10:41 AM EDT
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We have a little bounce action to start the day, but there isn't much energy behind it. Breadth is quite good at better than 2 to 1, but volume is light and there aren't many big movers.

The bears want to fade this action, but they are looking for the indices to weaken first. The Nasdaq 100 ETF (QQQ) is lagging and about to go red, which may embolden some shorts.

As I mentioned in my opening comments, the key technical levels are Tuesday's lows. If they are breached, that will be a change in character that will trigger more aggressive selling.

I'm looking to remount some index shorts if the indices go red, but I do have some long positions that are working.

Winnebago (WGO) , which I mentioned as a hurricane play, is breaking out. Lumentum Holdings (LITE) is back over its 50-day moving average, as it gains traction as a supplier to Action Alerts PLUS charity portfolio holding Apple (AAPL) , and Sarepta Therapeutics (SRPT) gapped higher, but is not being chased.

The upside action just isn't strong enough to support much buying, but support levels are still holding, so it is tough to press shorts. I'd like to be more active, but am waiting for a better edge.

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