S&P 500 fights to defend a key breach of its 50-day moving average as stock market falls early Thursday

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The S&P 500 index was fighting to avoid a close below its 50-day moving average, a short-term line in the sand that Wall Street technical analysts view as the divide between bullish and bearish momentum in an asset. The S&P 500 index early Thursday was under selling pressure, off 1%, at 3,350, with the broad=market index briefly tilting below its 50-day MA at 3,339.24, according to FactSet data. The S&P 500’s Thursday low was 3,330.39 and the index has managed to bounce about its short-term MA in recent trade. The decline for the index comes amid broad selling pressure for the overall market in the wake of lackluster economic reports and uncertainty about the economic landscape after the Federal Reserve on Wednesday said it would keep rates pinned to uberlow levels for the foreseeable future. The Dow Jones Industrial Average was off 0.9% at 27,796, while the Nasdaq Composite Index was trading 1.4% lower at 10,896, off their worst levels of the session so far. The Dow’s 50-day MA stands at 27,431, while the Nasdaq has already breached its 50-day in the past week at 10,990.84.
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