WINDERMERE, Fla. (Stockpickr) -- U.S. stocks dipped a bit lower on Friday before bouncing modestly higher, keeping the S&P 500 within range for its first weekly loss in six weeks as housing-related equities dropped after data showed a decline in single-family home sales.
Home sales dropped 1.8% in February, according to the Commerce Department. This bearish housing data has now pushed the S&P lower for potentially its fourth straight trading session, which marks its longest losing streak in four months.
Despite the slight market weakness, the Down Jones Industrial Average is still trending above its psychologically important level of 13,000. The Nasdaq is also still trending above its psychologically important 3000 level, but the S&P 500 has lost its key psychological level of 1400. If all indices were to start closing below those key psychological levels, then the bears could gain some traction and spark a much deeper selloff.
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