Stocks snap winning streaks today. S&P snaps 4-day streak. Nasdaq 2-day streak snapped

The major indices all declined today with the NASDAQ and Russell 2000 leading the way to the downside. In moving lower, the major indices all snapped winning streaks:

• S&P and Dow industrial average snapped their 4-day up streaks
• NASDAQ index snapped it two day up streak
• Apple, the bellweather for the big cap stocks, snapped it's 11 day up streak.

The final numbers are showing:

• Dow industrial average fell -65.40 points or -0.19% at 35228.82
• S&P index fell -29.15 points or -0.63% at 4602.46
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index fell -177.35 points or -1.21% at 14442.28
• Russell 2000 fell -42.02 points or -1.97% at 2091.06

Looking at the S&P sectors, the winners today were led by:

• Energy, +1.2%
• Utilities, +0.8%
• Healthcare, +0.2%

The laggards today included:

• Consumer discretionary -1.5%
• Technology, -1.4%
• Communications -0.8%

Hurting the bias today was less hope for a fast end to the Ukraine war and perhaps increasing concerns for a recession down the road. The 2-10 year spread stayed close to the 0.0 basis point level (at 3.7 basis points currently). The spread going negative is often a precursor to a recession down the road.

Technically although the Nasdaq index fell away from its 100 day MA (see post here), both the S&P and Dow are closing above their 100 day MAs.

For the S&P index, it is has now closed above its 100 day MA for the 3rd consecutive day. That MA comes in at 4545 (see chart below). Stay above is more bullish technically.

For the Dow 30 index, it's price briefly dipped back below it's 100 day MA at 35081.32 intraday, but bounced higher and closed at 35228.82. Stay above that MA and the lower 200 day MA at 34988.49 would keep the technical bias in the favor of the buyers.