Stock Market Faces Technical Hurdles Shown on Weekly Charts

NEW YORK (TheStreet) -- April ended with mixed performances from the stock market's five major averages.

The Dow Jones Industrial Average closed Thursday at 17,841. That was 73 points less than its key weekly moving average of 17,914. A close Friday at less than 17,914 will result in a negative weekly chart. The index opened higher Friday and was at 17,950 shortly after 10 a.m. EDT.

The S&P 500 at Thursday's closing level of 2085.5 was less than a point lower than its key weekly moving average of 2086.4, so a higher close Friday will keep this chart neutral. A close below last week's low of 2084.11 will be a negative weekly key reversal after this index set an all-time intraday high of 2125.9 on Monday. The S&P 500 was at 2095.7 shortly after 10 a.m. EDT Friday.

The Nasdaq Composite at Thursday's closing level of 4941 was just 8 points lower than its key weekly moving average of 4949, and its momentum reading of 80.05 was just above the overbought threshold of 80.00. A close below last week's low of 4952 would be a negative weekly key reversal after this index set a multiyear intraday high of 5119 on Monday. This is less than the all-time high of 5,132 set in March 2000. The index was at 4973.8 shortly after 10 a.m. EDT Friday.

The Dow Jones Transportation Average at Thursday's closing level of 8593 was 232 points below its key weekly moving average of 8825, so this weekly chart is negative after setting an all-time high of 9310 back on Nov. 28. This economically sensitive index is also below its 200-day simple moving average of 8711. The index was at 8656.7 shortly after 10 a.m. EDT Friday.

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