The S&P 500 Joined the Dow in the Red

Ben Levisohn Markets Now Markets MSFT Microsoft Bensignor Frank Cappelleri Rick Bensignor North America United States Commodity/Financial Market News Content Types Factiva Filters C&E Exclusion Filter MSFT N/DJN N/MKT N/WER R/NME R/US Barrons.com Barrons Blogs Wires COMP DJIA Dow Jones Industrial Average Nasdaq Composite S&P 500 SPX CODES_REVIEWED Markets Now Markets author Ben Levisohn author|Ben Levisohn topicid 8022 name Ben Levisohn extractedtext Ben Levisohn rank 1 codetype author code ben_levisohn nameformat surname_first author Ben Levisohn id Ben Levisohn barrons_display_brand BARMKTNOW barrons_display_brand|BARMKTNOW codetype BARRONS_DISPLAY_BRAND canbedisplaybrand true value BARMKTNOW source MANUAL status modified name Markets Now code BARMKTNOW barrons_display_subject BARMKTS barrons_display_subject|BARMKTS codetype BARRONS_DISPLAY_SUBJECT canbedisplaysubject true value BARMKTS source MANUAL status modified name Markets code BARMKTS co MCROST co|MCROST symbol MSFT country US codetype co displayname Microsoft extractedtext Microsoft source MANUAL code msft name Microsoft significance prominent onlinesignificance prominent exchange U.S.: Nasdaq exchangeisocode XNAS chartingsymbol STOCK/US/XNAS/MSFT fcode MCROST status modified company MSFT company|MSFT name Microsoft significance PROMINENT djn MSFT djn|MSFT codetype djn why occur source FACTIVA code msft name MSFT significance passing onlinesignificance passing-mention fcode MSFT djn N/MKT djn|N/MKT codetype djn why about source FACTIVA code n_mkt name N/MKT significance prominent onlinesignificance prominent fcode N/MKT djn R/US djn|R/US codetype djn why about source FACTIVA code r_us name R/US significance prominent onlinesignificance prominent fcode R/US djn R/NME djn|R/NME codetype djn name R/NME why lineage source FACTIVA code r_nme fcode R/NME djn N/DJN djn|N/DJN codetype djn name N/DJN source DJN-CONTROL code n_djn value N/DJN status modified inactivebydefault true djn N/WER djn|N/WER codetype djn name N/WER source DJN-CONTROL code n_wer value N/WER status modified inactivebydefault true first_publish_headline The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. first_publish_headline|The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. flow NWREGULAR flow|NWREGULAR codetype FLOW name Wires source MANUAL value NWREGULAR code NWREGULAR status modified flow Barrons.com flow|Barrons.com codetype FLOW name Barrons.com source MANUAL value Barrons.com code online status modified name Online title Product code Barrons.com flow Barrons Blogs flow|Barrons Blogs codetype FLOW source MANUAL title Product code Barrons_Blogs name Barrons Blogs value Barrons Blogs status modified headline The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. headline|The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. index S&P 500 index|S&P 500 name S&P 500 displayname S&P 500 Index symbol SPX chartingsymbol INDEX/US/S&P US/SPX exchange S&P US exchangeisocode S&P US country US onlinesignificance prominent significance prominent codetype index source MANUAL status modified extractedtext S&P 500 code spx index Dow Jones Industrial Average index|Dow Jones Industrial Average name Dow Jones Industrial Average displayname Dow Jones Industrial Average symbol DJIA chartingsymbol INDEX/US/DOW JONES GLOBAL/DJIA exchange Dow Jones Global exchangeisocode DOW JONES GLOBAL country US onlinesignificance prominent significance prominent codetype index source MANUAL status modified extractedtext Dow Jones Industrial Average code djia index Nasdaq Composite index|Nasdaq Composite name Nasdaq Composite displayname NASDAQ Composite Index symbol COMP chartingsymbol INDEX/US/XNAS/COMP exchange U.S.: Nasdaq exchangeisocode XNAS country US onlinesignificance prominent significance prominent codetype index source MANUAL status modified extractedtext Nasdaq Composite code comp index COMP index|COMP codetype INDEX name COMP source EXPANDER value COMP code comp index DJIA index|DJIA codetype INDEX name DJIA source EXPANDER value DJIA code djia index SPX index|SPX codetype INDEX name SPX source EXPANDER value SPX code spx media media-2 media|media-2 responsive layout wrap softcrop Horizontal imphotoid im-72093 location https://images.barrons.com/im-72093/?size=1.5 media media-1 media|media-1 softcrop Horizontal imphotoid im-72093 location https://images.barrons.com/im-72093/?size=1.5 ns mcat ns|mcat codetype ns why about source FACTIVA code mcat name Commodity/Financial Market News significance prominent onlinesignificance prominent fcode mcat ns ncat ns|ncat codetype ns why lineage source FACTIVA code ncat name Content Types internalsymbol true fcode ncat ns nfact ns|nfact codetype ns why lineage source FACTIVA code nfact name Factiva Filters internalsymbol true fcode nfact ns nfce ns|nfce codetype ns why lineage source FACTIVA code nfce name C&E Exclusion Filter internalsymbol true fcode nfce nwchain SB513748850324963333557045856309737006837241 nwchain|SB513748850324963333557045856309737006837241 pe Bensignor pe|Bensignor lastname Bensignor codetype pe displayname Bensignor extractedtext Bensignor source FACTIVA code bensignor name Bensignor nameformat surname_first pe Frank Cappelleri pe|Frank Cappelleri lastname Cappelleri codetype pe displayname Cappelleri, Frank extractedtext Frank Cappelleri source FACTIVA code frank_cappelleri name Frank Cappelleri firstname Frank nameformat surname_first pe Rick Bensignor pe|Rick Bensignor lastname Bensignor codetype pe displayname Bensignor, Rick extractedtext Rick Bensignor source FACTIVA code rick_bensignor name Rick Bensignor firstname Rick nameformat surname_first re usa re|usa codetype re why about source FACTIVA subcat cntry code usa name United States significance prominent onlinesignificance prominent fcode usa re namz re|namz codetype re why lineage source FACTIVA subcat snr code namz name North America fcode namz relay SYND relay|SYND codetype RELAY name Syndication source EXPANDER value SYND code synd status modified statistic CODES_REVIEWED statistic|CODES_REVIEWED name CODES_REVIEWED value CODES_REVIEWED codetype STATISTIC code CODES_REVIEWED subject BARMKTS subject|BARMKTS ruleid BARMKTS codetype SUBJECT value BARMKTS selectable true canbedisplaysubject true name Markets title Markets status modified code BARMKTS subject BARMKTNOW subject|BARMKTNOW ruleid BARMKTNOW codetype SUBJECT value BARMKTNOW canbedisplaybrand true name Markets Now title Markets Now status modified code BARMKTNOW wordcount 371 wordcount|371 id facebook id|facebook news_tab_url https://www.barrons.com/articles/s-p-500-dips-dow-slips-as-market-drifts-lower-51571935625 Illustration by Michael George Haddad The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. S&P 500 Dips, Dow Slips as Market Drifts Lower

It’s discouraging watching the S&P 500 falter just over 3000. This is the area that has proven to be no-man’s-land for the index. Every time it tries to make a push, it is rebuffed

The S&P 500 Joined the Dow in the Red

It’s discouraging watching the S&P 500 falter just over 3000. This is the area that has proven to be no-man’s-land for the index. Every time it tries to make a push, it is rebuffed

https://www.barrons.com/articles/stocks-making-big-premarket-moves-twitter-3m-tesla-and-more-51571921909 https://www.barrons.com/articles/dow-jones-industrial-average-drops-after-boeing-hit-by-new-737-max-headlines-51571418726 https://www.barrons.com/articles/dow-jones-industrial-average-looks-set-to-drop-for-third-day-51570106785 https://www.barrons.com/topics/markets?mod=BOL_HAMNAV&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline&mod=article_inline mailto:Ben.Levisohn@barrons.com The S&P 500 Joined the Dow in the Red. Why 3000 Is the Level to Watch. By Ben Levisohn Illustration by Michael George Haddad

12:29 p.m. The market just keeps drifting lower, and now the S&P 500 has joined the Dow Jones Industrial Average in the red.

The Dow has dropped 104.84 points, or 0.4%, to 26,729.11, while the S&P 500 has declined 0.1% to 3002.10. The Nasdaq Composite, up 0.5% at 8,157.89, has held on to its gains thanks to Microsoft (MSFT), which is up 1.9% at $139.79 after reporting earnings.

It’s discouraging watching the S&P 500 falter just over 3000. This is the area that has proven to be no-man’s-land for the index. Every time it tries to make a push, it is rebuffed, even though its all-time high remains about 1% away. “This remains a critical zone, as the index hasn’t proven it can stay here — or anywhere above it — for longer than a few days a time,” writes Instinet’s Frank Cappelleri.

So what’s an investor to do? Probably nothing. Rick Bensignor, president of Bensignor investment strategies, in particular recommends not buying at the current level. “I believe that until the [S&P 500] properly breaks above...3064...the potential danger of adding new long exposure anywhere near [S&P 500] 3000+ comes with well above average risk,” he writes.

You’ve read it hear once, and you’ll probably read it again: And so we wait.

Markets Now is a quick take on what’s happening with the Dow Jones Industrial Average and other major market indexes. Don’t forget to check out the rest of Barron’s markets coverage.

Write to Ben Levisohn at Ben.Levisohn@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.