S&P index gives up 3000 level
The S&P has moved back below the 3000 level and is trading to new session lows at 2991.95. In the process, the pair has now dipped below its 50 hour MA (white line) at 2995.16 (trading at 2991.81 currently with a low of 2989.97 so far). Last week that MA line was sniffed but not broken. Since June 3, the price only traded below the 50 hour MA on 4 days.
Below the 50 hour MA is the lagging 100 hour MA (blue line) at 2973.62 currently (and moving higher). Since June 5th, the price has not traded below the 100 hour MA. That MA line is a key level to keep in mind on continued weakness. A break below would signal more downside weakness is likely.
The earnings season is underway with financials being the main releases so far. However, after the close today, Netflix, eBay and IBM will give a different view.
The Nasdaq is also trading lower and at the session lows at 8192.71. The index is down -0.35%The Dow is down -84 points at 27252 with a low at 27240.