Wall Street ends lower despite early advances in the S&P and NASDAQ

• The Dow Jones Industrial Average (DJIA), fell 59.34 points, or 0.2%, to 26,597.05.
• The S&P 500 index lost 6.43 points, or 0.2%, to 2,927.25.
• The Nasdaq Composite Index fell  18.81 points, or 0.2%, to 8,102.01.

Despite the S&P and NASDAQ hitting record highs,  Wall Street’s benchmarks all ended lower after a mixed session of  risk appetite. There were also key  earnings released on Wednesday from such companies as  Boeing Co. and Caterpillar Inc., for the Dow components. Boeing was announcing core earnings per share that fell short of Wall Street expectations and Caterpillar reported earnings that topped estimates for the first quarter thanks to a tax benefit and higher-than-expected sales.

DJIA  levels

Technically, the bearish correction is in development and underpinned when monitoring divergence in the momentum indicators. Thus, targets remain the same as a subsequent correction would seek out the 20-D EMA meeting R1 on the downside as price stalls at R2. A test below 26000 would open risk towards 25700s. The 200-DMA at S1 is then critical which also meets the 23.6% Fibo retracement of the late Dec rally guarding a break all the way down to 24800 gap area ahead of the 24500s and then 50% of the upside run made at the end of Dec at 24150.