U.S. stock market opened this morning slightly down, turned up and is now trading mixed. Ukrainian pro-Russian rebels planned to held referendum on May 11 in Donetsk and Luhansk regions may lead to more tension , Chinese low inflation implies economic slowdown and weak European stock markets are negative factors for US stocks. Technically Russell 2000 is still below its 200-day moving average 1115, the trend is down. It may go down and test February low at 1082. S & P 500 is very close to its 50 days moving average 1865 level, it may fall below at any time. If that happens, it may fall toward 1842. So today's main focus is whether the S & P 500 can hold 1865. Due to referendum in Ukraine this coming Sunday, investors will be cautious ahead of the weekend and it is likely that the stock market will bias to down for the rest of the session.
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