The Dow Jones Industrial Average on Monday briefly traded below an important trend line in early Monday trade, underscoring a steady deterioration of the benchmark’s bullish trajectory. The Dow , which was currently paring its losses, traded at an intraday low at 21,600, which puts the equity gauge below its 50-day moving average of 21,629.16, according to FactSet data. It’s the first time Dow has slipped below that short-term average level since mid May. Market technicians consider short-term and long-term moving averages in an asset as a dividing line between downward and upward momentum. The Dow, and other U.S. stock benchmarks have been retreating in recent action. All three, the Dow, S&P 500 index and the Nasdaq Composite Index , have ended lower in the past two straight sessions, with Monday threatening to make it a third. On the day, stocks were paring somewhat losses in late-morning trade, with the S&P 500 trading flat at 2,426, the Dow off less than 0.1%, and the Nasdaq looking at a decline of 0.3% at 6,199.
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