NASDAQ and S&P go negative
The US major indices are back in the red.
The NASDAQ and S&P index both turned negative.
- The S&P is down is down 4 points or -0.10% at 4396
- NASDAQ index is down 4.2 points or -0.03% 14521.54
The Dow is the weakest of the major indices with a decline of -156 points or -0.45% at 34804.39.
Looking at the NASDAQ index, the rebound did take the price back above the 50 day moving average, but that move has now failed. The price is back below the 50 day moving average at 14548.35.
Looking at the S&P, index, the price is still comfortably above its 50 day moving average currently at 4348.61. The moves below the 50 day moving average this year have been fairly short-lived (there has been two days where the price closed below the 50 day MA all year and 9 days where the price traded intraday below the MA level). If the sellers are to take more control, getting below that moving average is required.