Nasdaq the weakest for the 2nd day in a row
The US stock market is open and although the major indices have negative signs, they are not as low as implied by the pre-market futures.
- The S&P is down -4 points or -0.14%
- The Nasdaq is down -24 points or -0.31%
- The Dow is down -22 points or -0.09%
The Nasdaq is the worst performer for the 2nd day in a row. Recall, it led the way earlier in the week as it made new record highs on Monday, Tuesday and Wednesday.
Yesterday, saw the start of a rotation out of growth and into the more "value" stocks of the Dow.
For the S&P this week, the price moved above the 61.8% of the 2018 range at 2743 and stayed above that level. That level was a resistance level in May. It is a risk level going forward on the daily chart. Stay above is more bullish. Move below is more bearish. We currently trade at 2766, so not that close. Nevertheless, keep the level in mind going forward.
