A rebound in the major indices but it had it’s ups and downs


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The major indices close near key MA levels and pass the bias buck to next week

The US major indices have rebounded in trading today, but the day certainly had it’s share of ups and downs.  

  • The Dow was up over 400 points at one point before giving up all it’s gains and going down about -50 points to 25,000 in the NY afternoon.  The index is closing at 25335, about 100 points below the 100 day MA at 25432. That 100 day MA will be a key level on Monday (next week).
  • The S&P was up 47 points at the earlier highs, went to near unchanged and is closing near the highs at 2767, up 38.62 points or 1.42%. The price is closing just above its 200 day MA at 2766 after closing below the level yesterday. 
  • The Nasdaq was up 187 points at one point at 7516,before moving all the way down to 7368 before rebounding and closing at 7497 up 168 points or 2.29%. Its 200 day MA is at 7503.  If the bulls are to take back more control, getting back above that MA level will be eyed.

Financial are ending the day mixed despite better earnings from Citicorp and JP Morgan (Wells and PNC Financial also reported).  Citi was higher, JP Morgan was lower. Wells eked out a small gain while PNC Financials fell sharply. 

For the week, the major indices had their worst week since March 23. 

  • Dow fell -4.19%
  • S&P fell -4.10%
  • Nasdaq fell -3.74%

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