NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back Amid Lack Of Catalysts

SP500

SP500 is flat as traders wait for additional catalysts. Treasury yields have started to rebound after the recent pullback, but this move does not put pressure on the equity markets. From a big picture point of view, it looks that SP500 takes a pause after the recent rebound. Uber, which is down by 8.4%, is the worst performer in the SP500 today. The stock found itself under strong pressure as traders react to the disappointing earnings report. Uber’s revenue met analyst estimates but earnings missed analyst expectations. The company’s bottom line was hit by $721 million in charges related to Uber’s investments.

From the technical point of view, SP500 continues its attempts to settle above the resistance at 5180 – 5190. In case SP500 manages to settle above the 5190 level, it will move towards the resistance at 5270 – 5280.

NASDAQ

NASDAQ is losing some ground amid lack of catalysts. Intel tested new lows today as the company said its sales would decline after U.S. revoked some of the export licenses for a Chinese customer. According to recent reports, this customer is Huawei Technologies.

In case NASDAQ settles back below the 18,000 level, it will head towards the nearest support, which is located in the 17,800 – 17,900 range.

Dow Jones

Dow Jones is moving higher, supported by rising demand for Industrials and Financial stocks. Boeing, which is up by 1.9%, is the biggest gainer in the Dow Jones index today. It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing.

Currently, Dow Jones is trying to settle above the resistance at 39,000 – 39,100. In case this attempt is successful, Dow Jones will gain additional upside momentum and move towards the next resistance level, which is located in the 39,900 – 40,000 range.

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