The market registered its second consecutive decline on Wednesday with the S&P (-0.5%) bouncing off its 100-day moving average (2,070).
Equity indices began the day with slim gains, but the Dow, Nasdaq, and S&P 500 quickly returned below their 50-day moving averages and continued lower throughout the day. Adding to the pressure were comments from Fed Chair Janet Yellen who reminded investors that stock valuations are “generally quite high” and that raising the fed funds rate is likely to be followed by a spike in Treasury yields. Ya think????? Thanks Captain Obvious.
The Biotechnology ETF (IBB 340.72, +2.72) added 0.8%, but that was a small victory considering the ETF was up more than 1.7% at the start.
Some of my technicals tell me we may be getting close to a bounce.
See you in the morning.