ETF News Update: Major Stock Market Indexes Fail at “The 50″ (DIA, SPY, QQQ) |
The Bulls Tried to Charge the All Important 50 Day Moving Average Today and Failed
In the face of ongoing disappointing economic news, major indexes rallied in an attempt to overtake the all important 50 Day Moving Averages but fell back to close lower in a failed test of the widely watched level.
We can expect more attacks in coming days and the outcome will set the tone for near term market direction.
Dow Jones Industrials: (NYSE: DIA)
Hi: 12,440
50 DMA: 12407
Close: 12,394
High above 50 DMA, Close below: FAIL
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S&P 500 (NYSE:SPY)
Hi: 1325
50 DMA: 1326
Close: 1320
High at 50DMA, Close below: FAIL
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NASDAQ 100:
High: 2321
50 DMA: 2337
Close: 2310
High below 50DMA, Close below 50DMA: Fail
Economic news was poor, again, with the MBA Mortgage Index printing at +1.1 compared to +7.8 last month and April Durable Goods collapsing to -3.6% from a prior reading of +4.4% in April which was also a decline from March’s reading.
Also, nervousness continues in Europe over the fate of Greece as the Euro declined to record lows against the Swiss Franc and hovers at the all important 1.40 support level in relation to the U.S. dollar.
About the author: Wall Street Sector Selector
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