The major US indices are closing lower on the day. However, there is some sunshine technically as the S&P index is closing above the 4100 level.
Recall that the 4100 level was the swing highs from December on two separate occasions. Stay above is more bullish. Move below would tilt the short term bias back to the downside. So closing above it today keeps the buyers in play, and more in control.
S&P index closes above the December highs at 4100
A look at the final numbers are showing:
- Dow Industrial Average -35 points or -0.10% at 33891.01
- S&P index -25.42 points or -0.61% at 4111.07
- NASDAQ index -119.49 points or -1.00% at 11887.46
- Russell 2000.25 -27.81 points or -1.4% at 42.25
The indices fell as yields moved higher with the two-year of 18.4 basis points at 4.484%. The 10 year was up 11.9 basis points at 3.651%. Given the sharp moved to the upside, the downside of the stocks was somewhat limited.
This article was originally published by Forexlive.com. Read the original article here.