NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Retreats As Honeywell Dives 5.9%

SP500

SP500 is mostly flat as traders react to Initial Jobless Claims report. The report showed that 219,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 213,000. Treasury yields have started to rebound after the recent pullback, putting some pressure on stocks. Consumer defensive stocks were among the biggest gainers today as traders increased their defensive positions near historic highs. Energy stocks suffered a sell-off as traders reacted to the pullback in the oil markets.

SP500 did not manage to settle above the resistance at 6090 – 6100 and is moving towards the 6050 level. In case SP500 declines below 6050, it will head towards the 50 MA at 6037. A move below the 50 MA will push SP500 towards the support level at 6000 – 6010.

NASDAQ

NASDAQ did not gain momentum in quiet trading session. Palantir, which was up by 5.9%, was the best performer in the NASDAQ index today. The stock tested historic highs as traders remained focused on the recent earnings report.

In case NASDAQ climbs above the 21,750 level, it will head towards the nearest resistance, which is located in the 21,900 – 21,950 range.

Dow Jones

Dow Jones is losing ground as Honeywell is down by 5.9%. The stock suffered a sell-off as traders reacted to the company’s decision to break itself into three separate businesses. Honeywell’s earnings report beat analyst estimates, but its full-year sales guidance missed expectations, serving as an additional bearish catalyst for the company’s stock.

The nearest support level for Dow Jones is located in the 44,400 – 44,500 range. If Dow Jones settles below the 44,400 level, it will move towards the next support level at 44,000 – 44,100. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

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