US stocks giving up gains

Technical Analysis

Author: Greg Michalowski | sp

S&P moves into the red

The major US stock indices are trading at low levels for the day. The S&P has now moved into the red (-1.00 points). The Nasdaq remains up by 18 points but was up by about 45 points at the peak. 

Looking at the daily chart of the S&P index below, the price has been testing the underside of the 50 day MA, but has not been able to move back above that MA line.  The high today reached 2352.63. The 50 day MA comes in today at 2355.16.  Failure to get back above that MA keeps the bears a little more in control.  


The Dow industrial average is down by -91 points or -0.45% and also trades at low for the day levels. 

Oil prices are down over $2 or -4.10%. The price has fallen below both the 50 and 100 day MA at $51.40 and $51.67.  The break has helped increase the downside momentum.

US yields remain higher with the 10 year up 3.7 bp to 2.205%. That is down from the high at 2.2231%.