Stocks retreat from highs. S&P turns positive for year but backs off again. Nasdaq dips into the red for the day.

Technical Analysis

Author: Greg Michalowski | nasdaq

S&P end of year level of 3230.78 was broken again but rally stalls

The S&P index fell and closed below its end of year closing level on February 25. The end of year closing level came in at 3230.78. 

S&P end of year level of 3230.78 was broken again but rally stalls

Since that time the price tumbled sharply to a low of 2191.86 on March 23. However since then the price has recovered nearly all the and losses. Having said that, the index has had trouble moving back into the black for the year,
  • On June 8, the price moved just above that closing level only to fail and moved back lower. 
  • On Monday the index moved above the level for the 2nd time but also quickly failed. 
Today, for the 3rd time since February 25, the price extended back above the end of year level, only to fail (so far) once again. 

There is a reluctance from traders to turn the S&P positive (or so it seems).  Needless to say, it will take a move above and stay above for the bulls/buyers to make more upside headway. Failure to do that and like it or not the S&P is still negative on the year. 

Meanwhile the Nasdaq index has now turned negative on the day at 10488 (down -0.198 points). The high price reached 10604.66. 
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