Nasdaq looking toward unchanged. S&P chips away some of the losses
The US stocks are rebounding after a shaky start on trade concerns. The US construction spending was not as good as expected and the April data was revised sharply lower to 0.9% from 1.8%. However, the ISM manufacturing data beat, rising to 60.2 from 58.5 estimate. The prior month was down at 58.7.
The Nasdaq is down -1.4 points or -0.02% at 7509.21. The low was down at 7443
The S&P is chipping away at its losses and is down -4.87 points at 2713.60. The low reached 2698.95.
Correction.. Nasdaq is now positive on the day at up 3 points or +0.4%.
Technically, helping the Nasdaq today is the holding of the 50 day MA at 7439.24 (the low reached 7443). The lows last week also found support buyers near that MA level. Keep that in mind going forward. Staying above that MA keeps the buyers more in control. A move below is not bullish.
