The S&P 500 and Nasdaq pulled back on the day after both indices touched fresh technical milestones earlier in the week. The S&P still holds a weekly gain, while the Nasdaq has slipped into the red for the week after failing to hold a breakout above a key swing area.
The S&P 500 fell 0.23% on the day, though it is still up 0.30% for the week. The Nasdaq dropped further, down 0.52% today and now 0.09% lower for the week.
Earlier in the week, the S&P reached a new record high, but buyers could not build on that move today. The Nasdaq also cleared a milestone, extending above a swing area that tops out at 26,788.62. That breakout, however, failed to attract sustained follow-through buying, and the index moved back to the downside today.
Both failures to extend higher put more focus on technical levels heading into the remainder of the session and into next week. Traders are now watching for the levels that will show whether buyers can regain control or whether sellers are starting to make a stronger play.
Source: Investinglive
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