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Feb. 26, 2021, 10:53 a.m. EST

S&P 500 briefly knifes below 50-day moving average before bouncing back Friday morning

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By Mark DeCambre

The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.77% momentarily jolted below a short-term trend line for the first time this month as a rise in bond yields was forcing a powerful rotation in markets out of highflying stocks. The S&P 500 was trading at 3,821 at last check but had slipped beneath its 50-day moving average in Friday morning action at 3,808.60, according to FactSet data. Market technicians and chart watchers tend to use moving averages as demarcation line between short-term and long-term bullish and bearish trends. The broader market also was under pressure with the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.89% briefly losing its grip on a psychologically significant level at 31,000 and flirting with a trade below its 50-day MA at 30,865.83. The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.51% was struggling to hold higher, however, trading up less than 0.1% higher with the index having breached its 50-day MA then at 13,284.23 on Thursday, FactSet data show.

/zigman2/quotes/210599714/realtime
US : S&P US
4,128.80
+31.63 +0.77%
Volume: 0.00
April 9, 2021 5:15p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
33,800.60
+297.03 +0.89%
Volume: 317.82M
April 9, 2021 5:15p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
13,900.19
+70.88 +0.51%
Volume: 0.00
April 9, 2021 5:16p
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