The major US indices are ending the day mixed with the Dow and S&P down, while the Nasdaq is closing higher. It is getting to the point where a mixed day is a good day.

Looking at the closing levels:

  • Dow fell -125.82 points or -0.41% at 29135.At the low the index fell -1.03%.
  • S&P fell -7.72 points or -0.21% at 3647.30.At the low the index fell -0.91%
  • Nasdaq rose 26.59 points or +0.25% at 10829.51. At the low, the index fell -0.57%
  • Russell 2000 rose 6.62 points ro 0.4% at 1662.50

The market was able to absorb a poor 5 year note auction today which saw the issue auctioned with a tail of 2.6 basis points and with less than average demand from domestic and international traders.

Durable good came in weaker than expected and the core was also a touch weaker than expectations. The Case Schillier home price index came in lower than expectations, but the consumer confidence was better as was new home sales and the Richmond Fed.

Technically, the Dow and the Nasdaq remain below their 200 week MAs. The Dow 200 week MA is at 29770.09. The Nasdaq 200 week MA is at 11112.44.

The S&P still remains above its 200 week MA at 3589.65 (closed at 3647.30 - 58 or so points from the key MA level)

S&P remains above its 200 week moving average

Below is the weekly chart for the Nasdaq index. The price last week closed below its 200 week MA at 11112.44. Was the first close below the MA since the week of March 20, 2020. The price traded below the 200 week MA at the June low but could not sustain momentum below that level.

Nasdaq closed below its 200 week moving average last week