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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV