The major US stock indices are trading mixed in early US trading as the market awaits the next debt ceiling headlines. The Dow Industrial Average is trading above and below unchanged. The S&P and NASDAQ indices remain in negative territory. A snapshot of the market currently shows:
- Dow Industrial Average -9.23 points are -0.03% at 33277.36
- S&P index minus 11.91 points or -0.28% at 4180.71
- NASDAQ index -28.58 points or -0.22% at 12692.20
The S&P index remains below the key 4200 level. The 100-week moving average comes at that natural resistance level. The price moved above that moving average last week and again during trading yesterday, but momentum cannot be sustained. It would take a week close above that level to increase the bullish bias from a technical perspective.
S&P index stays below its 100 week moving average
Chevron (+3.12%), Home Depot (+1.97%), and Walgreens (+1.72%) are leading the Dow gainers. Visa (-2.43%), Intel (-1.34%), and Merck (-1.06%) are leading the decliners.
Looking at some of the major big cap stocks today shows:
- Nvidia is down -0.63%
- Alphabet is down -1.13%
- Microsoft is down -0.64%
- Apple is down -0.77%
- Meta is up 0.29%
- Amazon is up 0.29%
The regional bank ETF KRE is trading up 2.69%. It gained 3.19% yesterday.