The S&P 500 just flashed a bearish sign — but more damage is being done beneath the market’s surface

Site SearchClearSEARCHAdvanced Search ➔Search ResultsSymbolsNo results foundAll NewsArticlesVideoPodcasts0 ResultsNo Results FoundAuthorsNo results foundSectionsNo results foundColumnsNo results found Market ExtraThe S&P 500 just flashed a bearish sign — but more damage is being done beneath the market’s surfaceThere’s considerable damage being done below the surface of the stock market as oil prices surge, and no end in sight to the Iran conflictPublished: March 19, 2026 at 4:14 p.m. ETShareResizeListen(3 min)The S&P 500 is holding up on the surface, but the strength that’s kept it near record highs is starting to crumble. Photo: MarketWatch photo illustration/iStockphotoThe stock market just closed below a key technical level Thursday as rising oil prices delivered back-to-back losses on Wall Street, despite attempts by the White House to calm jitters around the Iran conflict.The S&P 500 index SPX ended 0.3% lower at 6,606, below its 200-day moving average and at its lowest level since late November. That marked its first close below that key technical level since May 9, 2025. Any slip below that trend can be a bearish sign for equity markets. About the Author Joy WiltermuthJoy Wiltermuth is a news editor and senior markets reporter based in New York.Show Conversation (0)Back To TopA Dow Jones CompanyCopyright © 2026 MarketWatch, Inc. All rights reserved.Terms of UsePrivacy NoticeCookie NoticeArchive MarketwatchCustomer CenterContact UsNewslettersNewsroom RosterVirtual Stock ExchangeMarketWatch GuidesCopyright PolicyManage NotificationsCancel My SubscriptionCompanyDow JonesCode of ConductCorrectionsReprints & LicensingDigital Self ServiceYour Ad ChoicesCorporate SubscriptionsAccessibilityDow Jones NetworkThe Wall Street JournalBarron'sInvestor's Business DailyFinancial News Londonrealtor.comMansion GlobalDow Jones Smart MoneyIntraday Data provided by FACTSET and subject to terms of use. Historical and current end-of-day data provided by FACTSET. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.