Stock Market Update

[BRIEFING.COM] The 5,700 level has had some magnetic appeal today for the S&P 500, which has spent most of its time around that mark.

The real bogey, however, is the 200-day moving average at 5,748. That's where things will get really interesting from a technical standpoint. The S&P 500 hasn't closed above that key technical since March 7.

Elsewhere, Treasuries rallied following yesterday's decision by the Fed to reduce the pace of Treasury securities that it will allow to run off its balance sheet from $25 billion per month to $5 billion per month. The 10-yr note yield saw a low yield of 4.17% this morning, but sellers stepped up at that level and pushed the yield up to 4.24% a short time ago.

That move coincided with the pickup in buying interest seen in in the equity market following the stronger-than-expected existing home sales report for February.