The major indices are now all down on the day. The Dow Industrial Average has been under pressure for most of the trading day led by declines in Goldman Sachs (earnings were weaker than expectations today), Travelers (which preannounced we can expected earnings), and J.P. Morgan (last week earnings were weaker than expectations).
The S&P and the NASDAQ did rebound into positive territory, but have given up those gains. The S&P is now down -0.33%. The NASDAQ is down -0.38%.
Looking at the daily chart of the S&P, on Friday, the price closed above its 200 day moving average for the first time since December 2. That moving average currently comes in at 3978.14. The current price is at 3986.60 and the low price was at 3986.07. Stay above the 200 day moving average would be the best for the bulls/buyers. Move below and we could see some disappointment on the failed break.
Coming into the day, the NASDAQ is on a six-day win streak. The S&P has risen five the last six trading days.
For the NASDAQ index, it closed above its 100 day moving average for the first time since September 2022. That moving average currently comes in at 11044.37. The price just move below that level to a intraday low of 11024.72. Failing to close above that level would be a disappointment for buyers.
