US stocks give up early gains. Nasdaq negative on the day.

Author: Greg Michalowski | Category: News

Nasdaq negative. S&P back to unchanged.

The Nasdaq index - which has closed at record levels over the last two trading days - is trading in the red. It is down -30 points or -0.38%.

The S&P after being up about 18 points, is back to unchanged on the day at 2783.

The Dow remains up by about 30 points (or 0.13%), but is also giving up a near 200 point gain at the highs.  

Technically, the S&P moved above the 100 and 200 hour MAs and based against a trend line on Thursday before the run up on Friday.  That trend line comes in at 2763 currently.  

The price is still 20 points above that trend line, but on a test/break going forward, it would turn the bias more to the downside.   For now, the price action is not great today, but the technicals are still tilted more in the buyers favor. 

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