Stocks giving up some of gains as the day works toward the close

Technical Analysis

Author: Greg Michalowski | stocks

Nasdaq stays below 50 day MA today

The major stock indices are given up some of their gains as the market moves toward the day's close. The major indices trade near session lows

  • The S&P is up 2.36 points at 2882.18. The high reached 2895.24. The low is down at 2881.99
  • The Nasdaq is up 21.23 points at 7813.62. The high reached 7848.36. The low reached 7813.60 
  • The Dow is up 24.74 points at 26030. The high reached 26146. The low reached 25995.71. 
For the Nasdaq index, the price moved below the 50 day MA yesterday (currently at 7858.65. The high today could only get to 7848.36.  It still remains well above the 100 day MA at 7668.62, but getting back above the 50 day MA is needed to shift all the bias to the upside. 

The Nasdaq index is below the 50 day MA
For the S&P, the price still is above it's 50 day MA at 2873.52 (see white line in the chart below).  Yesterday, the MA was tested by not broken. Today the low reached 2881.99.  A close back below would be more bearish for that broader index going forward.

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