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.
|Click to expand. Purple line is the 200-day MA for the QQQ ETF, which is a Nasdaq index fund.|