5:52 a.m. Feb. 26, 2021
- By Mark DeCambre
S&P 500 briefly knifes below 50-day moving average before bouncing back Friday morning The S&P 500 index 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 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 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.