This post was originally published on this site.
The major US stock indices are trading lower on the day, taking some of the shine off what had been a technically positive week.
- S&P index: down -0.23% on the day, but still holding onto a 0.30% gain for the week.
- NASDAQ index: down -0.52% today and now -0.09% for the week.
For the S&P, the index stretched to a new record high this week, but buyers have been unable to generate additional upside momentum in trading today.
The NASDAQ also reached an important technical milestone this week, extending above a key swing area that tops out at 26,788.62. However, that breakout has also failed to attract sustained follow-through buying, with the index moving back to the downside today.
Those failures to extend higher put more focus on the technical levels heading into the remainder of today’s session and into next week.
In the video above, I take a closer look at the technical picture for both the S&P and NASDAQ. Where is the key resistance? What are the next downside targets? And perhaps most importantly, where are the risk-defining levels that will tell traders whether buyers can regain control or whether sellers are starting to make a stronger play?
This article was written by Greg Michalowski at investinglive.com.
