Nasdaq giving up gains
The US stocks have rotated back to the downside with the Dow and S&P now trading in the red and the Nasdaq giving up gains - although still remaining in the black for the day.
A snapshot of the major indices currently shows:
- Dow industrial average -167 points or -0.49% at 34223. 80
- S&P index -5.12 points or -0.12% at 4354.43
- NASDAQ index is up 39.55 points or 0.27% at 14551
The highs for the day show:
- Dow industrial average was up 166.65 points or +0.48%
- S&P index was up 23.43 points or +0.54%
- NASDAQ index was up 119.90 points or 0.83%
Looking at the daily chart of the S&P below, the index has moved down close to the 100 day MA over the last few days, but has been able to stay above the MA level. That MA currently comes in at 4345.04. The low for the day has reached 4350.40.
A move below that MA (and close below) would be a tilt in the bearish direction. The low for the month reached 4305.91. That would be the next target on more downside momentum.
Continue to hold the 100 day MA and the ups and downs continue with the 50 day MA above at
4423,16 would be the upside resistance target.