The Dow Jones Industrial Average
and S&P 500
have broken below their respective 50-day moving averages in intraday trade Monday for the first time in five months, before bouncing back above them. The Dow’s 50-day MA, which many chart watchers view as a dividing line between shorter-term uptrends and downtrends, currently comes in at 25,046.65 and the S&P 500’s comes in at 2,717.66, according to FactSet. The Dow was down 483.08 points at its intraday low of 25,037.88, before bouncing slightly to be down 455 points, while the S&P 500 was down 1.64% at 2,716.74 before paring some losses to be down 1.54%. The Dow last traded below its 50-day MA intraday on Sept. 8, 2017, but hasn’t closed below it since May 18, 2017. The S&P 500 was last below its 50-day MA intraday on Sept. 5, 2017 and last closed below it on Aug. 29, 2017. While many may view this as a technically negative event, both indexes resumed uptrends soon after their last breaks below the 50-day MAs. Meanwhile, the Nasdaq Composite was down 1.1% at 7,164, or well above its 50-day MA at 7,074.05.