The S&P 500 is fighting to trade above its 200-day moving average--a key technical level
The S&P 500 index on Monday flirted with trading below an important, long-term trend line as selling intensified early Monday. The S&P 500 index was off 1.8% at 2,594, barely above its 200-day moving average at 2,589.93, according to FactSet data. Technical analysts pay attention to moving averages to help gauge bullish and bearish momentum in an asset. The Dow Jones Industrial Average , meanwhile, was down 300 points, or 1.3%, at 23795, while the Nasdaq Composite Index COMP, turned negative for the year. The S&P 500 last closed below its 200-day MA on Feb. 9, a day after the Dow and S&P 500 fell into correction territory, defined as a drop of at least 10% from a recent high.