NASDAQ index tested new highs as demand for tech stocks remained strong.
SP500 pulled back towards the 4200 level as traders took some profits off the table near yearly highs. The debt ceiling vote will be the key catalyst for markets this week. Today, traders also took a look at economic data, which included housing reports and CB Consumer Confidence report. The reports had little impact on SP500 as traders remained focused on the debt ceiling deal. Interestingly, falling Treasury yields did not provide any support to markets, and it looks that traders were mostly focused on reducing their risks ahead of the debt ceiling vote.
In case SP500 settles back below the 4200 level, it will move towards the next support at 4175. A move below 4175 will push SP500 towards the support level at 4150.
R1:4215 – R2:4250 – R3:4285
S1:4200 – S2:4175 – S3:4150
NASDAQ pulled back after testing new highs. Tesla‘s move above the $200 level did not provide enough support to NASDAQ index as traders remained cautious ahead of the debt ceiling vote.
In case NASDAQ settles below the 14,300 level, it will move towards the next support at 14,100. A successful test of this level will push NASDAQ towards the support level at 13,900.
R1:14,450 – R2:14,600 – R3:14,800
S1:14,300 – S2:14,100 – S3:13,900
Dow Jones pulled back as the majority of the index components moved lower. Intel, which benefits from AI boom, was the only notable gainer in the Dow Jones index today.
If Dow Jones settles below 33,000, it will head towards the next support level at 32,800. A successful test of this level will open the way to the test of the support at 32,600.
R1:33,175 – R2:33,300 – R3:33,500
S1:33,000 – S2:32,800 – S3:32,600
For a look at all of today’s economic events, check out our economic calendar.
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.