Dancing around the 200-day moving average
At 3:00 p.m. New York time, the Standard & Poor's 500 was up 0.33%to 3012.13. That, not so coincidently, is almost exactly the 200-day moving average for the index at 3012.39. Today, no big bounce after yesterday's 5.89% drop for the index. Bargain hunters didn't...Caterpillar says this is high water mark for the year–and everybody sells everything
Caterpillar (CAT) crystalized the market’s fears in its conference call this morning. After delivering really great results before the market opened–Caterpillar beat Wall Street earnings estimates by 72 cents a share and then raising its guidance for fiscal 2018 to earnings of $10.25 to $11.25, up from prior guidance of $8.25 to $9.25 a share–the shares moved up strongly, climbing by as much as 4.6%. And then came the conference call.
Next buy-on-the-dip test 110 points lower at 2538 for S&P 500
The next level in this market that might bring some buyers off the sidelines and slow the plunge in stocks comes at the 200-day moving average near 2538.
A day for testing the indexes and tech sector ahead of a heavy earnings week
The major indexes fell below their 200-day moving averages setting new 4-5 month lows at the NASDAQ Composite and the Standard & Poor’s 500 in the early going. And then these indexes pushed back above that support