NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Pulls Back As Chevron Dives 4.5%

SP500

SP500 pulled back as energy stocks suffered a sell-off amid worries about the impact of Trump’s tariff policy. Today, traders focused on PCE data. PCE Price Index increased by 0.3% month-over-month in December, in line with analyst consensus. Core PCE Price Index grew by 0.2%. The report has also met analyst expectations. Personal Spending increased by 0.7% month-over-month in December, compared to analyst forecast of +0.5%. Personal Income grew by 0.4%, in line with analyst estimates. Traders also had a chance to take a look at Chicago PMI report for January. The report indicated that Chicago PMI improved from 36.9 in December to 39.5 in January, compared to analyst forecast of 40. Overall, the reports showed that inflation was under control. However, Treasury yields moved higher, which served as a bearish catalyst for SP500.

In case SP500 manages to settle below the 50 MA at 6068, it will move towards the nearest support level, which is located in the 6000 – 6010 range.

NASDAQ

NASDAQ has also pulled back from session highs as traders took some profits off the table after the recent rebound. Currently, NASDAQ is trying to settle below the support at 21,550 – 21,600.

In case this attempt is successful, NASDAQ will head towards the next support level at 21,150 – 22,000. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.

Dow Jones

Dow Jones is losing ground as Chevron is down by 4.5%. The stock suffered a sell-off as traders reacted to the disappointing earnings report. The weakness of the oil market served as an additional bearish catalyst for Chevron.

The nearest support level for Dow Jones is located in the 44,400 – 44,500 range. A successful test of this level will push Dow Jones towards the next support at 44,000 – 44,100.

For a look at all of today’s economic events, check out our economic calendar.