NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Retreat As Traders Wait For Trump’s Decision On Iran

SP500

SP500 pulls back as traders focus on Trump’s recent comments regarding the situation in the Middle East. U.S. President demanded Iran’s surrender, and stock traders worry that U.S. may get directly involved in Israel – Iran conflict. Today, traders also focused at the Retail Sales report for May. The report indicated that Retail Sales decreased by -0.9% month-over-month, compared to analyst forecast of -0.7%. Traders had a chance to take a look at the Industrial Production report, which showed that Industrial Production declined by -0.2% month-over-month in May, compared to analyst consensus of +0.1%. NAHB Housing Market Index pulled back from 34 in May to 32 in June, while analysts expected that it would grow to 36. Energy stocks are among the biggest gainers in the SP500 index today as traders react to the strong rally in the oil markets. Other market sectors have found themselves under pressure.

Currently, SP500 is trying to settle below the support level at 6000 – 6010. In case this attempt is successful, SP500 will head towards the next support level, which is located in the 5910 – 5920 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

NASDAQ

NASDAQ is losing ground as the appetite for risk declines amid rising tensions in the Middle East. Tesla, which is down by 3.5%, is among the biggest losers in the NASDAQ index today.

If NASDAQ stays below the 50 MA at 21,778, it will head towards the nearest support level at 21,450 – 21,500.

Dow Jones

Dow Jones is losing ground amid broad pullback in the equity markets. The pullback is led by Nike stock, which is down by 3.3% in today’s trading session.

A successful test of the support level at 42,000 – 42,100 will open the way to the test of the next support at 41,400 – 41,500.

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