Nasdaq rebounding but still down
The data in the US through a monkey wrench in the goldilocks scenario. It would be good to have Fed on the sidelines but only if US growth was intact. The retail sales (and claims) is cause for concern now (adds to CHina and Europe slowdown).
The major indices moved from higher to lower as a result.
After a few minutes of trading the snapshot now shows.
- The S&P is down -17 points or -0.62% at 2735
- The Nasdaq is down -29 points or -0.38% at 7392
- The Dow is down -178 points or -0.70% at 25364
The S&P index has the 200 day MA at 2744.23 today. The price closed above that MA the last two days. We are back below that MA level. Stayong below is bearish. Risk level for shorts today.
The Nasdaq tested the 200 day MA yesterday and stalled just below the level (at 7463.688 today). Stay below may signal a high for the index. The 100 day MA is still lower at 7226.87 today. So there is room before there is a test of that MA.
Traders can now see some top potential from the technicals. After the run higher, the risk is that traders look to lighten up near the 2019 highs and against longer term MAs as well. Watch 2744 in the S&P.
