The gains from the CPI data are starting to be eroded. The S&P index is now trading in negative territory. The NASDAQ index is still higher by 0.37% or 67 points but was up 364 points at session highs. The Dow industrial average was up 288 points at session highs. It is now down over 350 points.
A snapshot of market currently shows:
- Dow industrial average -337.75 points or -0.82% at 41095.73.
- S&P index -8.73 points or -0.16% at 5563.34.
- NASDAQ index plus 67.10 or 0.38% at 17503.19.
The S&P index remains comfortably below its 200-day moving average of 5737.14. There is closer resistance between 5669.67 and 5688.43 (swing area – see yellow area on the chart below).
S&P technicals
For the NASDAQ index its 200 day moving average is up at 18410.14. There is closer resistance at 18086.83. Getting back above those levels is required to tilt the buyers back in control – at least in the short term.
The good news technically is the 38.2% retracement of the move up from the October 2024 low did stalled the fall this week near 17268.18. Holding that level keeps the retracement near the plain-vanilla variety. Moving below would be troublesome and open the door for further downside momentum.
NASDAQ technicals
Looking at the Magnificent Seven they are mixed with Tesla finding a bottom. Pres. Trump supported his DOGE Tech Support head by “buying” a Tesla yesterday:
- Nvidia, +4.32%
- meta-+1.10%
- Microsoft -0.30%
- Amazon -0.40%
- Apple -2.33%
- Tesla +5.18%
- Google +0.20%
