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S+P 500 sets a daily and weekly close below 5k

An update here just after the US stock market opening noted the relative outperformance of the Dow Jones, compared to that of the Nasdaq 100 and the S+P 500. By the time of the US close, that divergence was even more stark. The Dow closed 211 points higher, where the Nasdaq 100 closed 356 points lower. The losses in the Nasdaq 100 helped to ensure (due to the tech crossover) the S+P 500 closed the week well below the 5k mark. The move lower in the S+P further extended its fall below the 50 day moving average (in place at 5,118 as of the close). The index dropped to a low at 4,953.56 and later closed at 4,967.23. That was the lowest daily close for the index since February 13 (4,953.17). The all time record high for the index is at 5,264.85 and was set on March 29. Increasingly it looks like a 10% correction might be unfolding here and if that is correct, then it would imply a move towards 4,738.36. However, were that to happen, the index would break below a major level at 4,818. That makes this level the first major support on this current corrective phase. There will be more to add on that in due course, but it is important for the longer term trend, that this level remains un-breached. Overnight the index futures have rebounded a little though and currently indicating a reopening around 4,983
 

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