Stocks giving back gains. Nasdaq remains bearish technically in the short/medium term.

The major stock indices are giving up their gains.

  • Dow is now down -82 points or -0.22% at 37357. The high saw the indes up 183.27 points
  • S&P is up 1.29 points or 0.03% at 4689.80. At session high, the index was up 32.80 points
  • Nasdaq is up 13.6 points or 0.09% at 14524.44. At session high, the index was up 114.89.

What is nearly certain is the 9 week gains for the major indices will be snapped today.

  • Dow is down -0.91%
  • S&P is down -1.68%
  • Nasdaq is down -3.27%

The Nasdaq index corrected higher and technically moved above the 200-hour MA at 14603.25. That break was short-lived, however, and the price is now comfortably below that MA level at 14524. That keeps the short/medium-term bias more tilted to the downside. It would take a move and close above to help the short-term bias.

This article was written by Greg Michalowski at Source