S&P Closes Below January Low
The S&P 500 closed at 1304 today, below its January 22 low of 1310. For day traders and momentum traders, this is a major indicator that the index is headed lower in the near term. The intraday low of 1270 on January 23 remains intact, but heavy selling marked the day right into the closing bell.
The Dow Jones Industrial Average, at 12,040, remains slightly above its January closing low of 12,000.
The S&P’s close is a strong indicator that this bear market is not through with us yet, and economic indicators show no sign of improving.