Wednesday was a roller coaster on Wall Street with U.S. stocks struggling for direction. The Dow Jones Industrial Average and the S&P 500 closed slightly higher, while the Nasdaq Composite finished little changed at its low of 2022.
The three major averages swung between gains and losses, with the S&P 500 up nearly 1.6% at its high and down about 0.3% at its low. |
The S&P 500 could not close above a key support level of 4,200, which one technical analyst called the "Mendoza Line" of stocks — referencing a benchmark in baseball associated with mediocrity.
The benchmark index sitting below 4,200 means the S&P 500 is oversold, but still unable to hold a sustainable rally, according to John Roque, head of technical strategy at 22V Research. "Even the most ardent of bulls will admit that their case for giving the index and the market the benefit of the doubt doesn’t hold water," Roque said in a note to clients. |
