S&P Breaks Support, but Holds Above 200-Day Average

The Standard & Poor’s 500 dipped below key support at 1292 set by the May low. At its worst levels Friday morning, it came within a fraction� of a percent of its 200-day moving average – the last major technical� metric holding the market up. With the 3% morning drop in the German� benchmark DAX index, the US is the only major market still holding above its respective 200-day average.

Update at 12:30 p.m.: At midday, both the the Dow Jones Industrial Average and the Dow Jones Transportation Average are are trading below respective 200-day moving averages. The Standard & Poor’s 500 continues to hover just above its own average.

– Michael Kahn