NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Consolidate After Pullback

SP500

SP500 is swinging between gains and losses as traders react to economic reports. PCE Price Index increased by +0.3% month-over-month in January, in line with analyst expectations. Core PCE Price Index grew by +0.3%. PCE Price Index is Fed’s favorite inflation gauge, so this report has a material impact on the market. Today, traders also had a chance to take a look at Personal Income and Personal Spending reports. Personal Income increased by +0.9% month-over-month in January, compared to analyst forecast of +0.3%. Personal Spending declined by -0.2%, while analysts expected that it would grow by +0.1%. Energy and financial stocks were among the biggest gainers in the SP500 index today, while basic materials stocks found themselves under pressure amid pullback in precious metals markets.

In case SP500 settles below the support at 5840 – 5850, it will head towards the next support level, which is located in the 5765 – 5775 range.

NASDAQ

NASDAQ continues its attempts to settle below the support at 20,550 – 20,600 as traders sell tech stocks. Autodesk, which is down by 4.2%, is the biggest loser in the NASDAQ index today. The stock is losing ground as the company plans to cut its workforce by 9% to boost its financial performance.

If NASDAQ manages to settle below the support at 20,550 – 20,600, it will move towards the next support level, which is located in the 20,000 – 20,050 range.

Dow Jones

Dow Jones is also swinging between gains and losses as the index attempts to consolidate after the recent pullback.

The nearest support level for Dow Jones is located in the 43,000 – 43,100 range. In case Dow Jones declines below the 43,000 level, it will move towards the next support at 42,300 – 42,400. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

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