NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back As Alphabet Dives 2.8%

SP500

SP500 pulled back from session highs and moved towards the 5960 level as traders remained focused on recent comments from Fed Chair Powell and monitored the developments in the Middle East. Today, traders also had a chance to take a look at Philadelphia Fed Manufacturing Index report. The report showed that Philadelphia Fed Manufacturing Index remained unchanged at -4.0, compared to analyst consensus of -1. Interestingly, energy stocks were among the gainers in the SP500 index today despite the pullbacks in the oil and natural gas markets. Basic materials and technology stocks have found themselves under pressure in today’s trading session.

Currently, SP500 is trying to settle below the 5960 level. In case this attempt is successful, it will head towards the nearest support level at 5910 – 5920. On the upside, SP500 needs to settle above the resistance at 6000 – 6010 to gain sustainable upside momentum in the near term.

NASDAQ

NASDAQ has also moved lower amid lack of positive catalysts. Alphabet, which was down by 2.8%, was among the biggest losers in the NASDAQ index today.

From the technical point of view, NASDAQ is heading towards the nearest support level at 21,450 – 21,500. In case NASDAQ manages to settle below this level, it will head towards the next support at 21,100 – 21,150.

Dow Jones

Dow Jones is mostly flat as traders wait for additional catalysts. Apple, which is up by 1.7%, is the biggest gainer in the Dow Jones index today.

Dow Jones failed to settle above the 50 MA at 42,406 and attempts to settle below the nearest support level at 42,000 – 42,100. If Dow Jones declines below the 42,000 level, it will gain additional downside momentum and move towards the next support, which is located in the 41,400 – 41,500 range.

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