Dow, S&P 500 on Friday fight to defend breach of bearish 50-day trend lines

The Dow industrial and the S&P 500 index were defending a fall beneath a level seen as pointing to a bearish trend forming in the benchmarks. Both the Dow Jones Industrial Average and the S&P 500 index are trying to stay at trading levels above their respective short-term 50-day trading averages, at 27,276.52 for the Dow and 3,321.58 for the S&P. A fall under those levels is viewed by market technicians as one point of a confirmation that a bearish pattern is beginning to take shape in an asset. Late Friday, the Dow was currently up 0.6% at 27,694, but had fallen to a intraday low at 27,448, while the S&P 500 dropped below its 50-day moving average, touching an intraday low at 3,310.47. The Nasdaq Composite Index , meanwhile, has already established a bearish formation by falling beneath its 50-day moving average earlier in the week and also falling into correction territory, commonly viewed by market technicians as a fall in an asset of at least 10% from a recent peak. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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