NASDAQ Index, SP500, Dow Jones Analysis – Stocks Mixed As Traders Prepare For Debt Ceiling Vote
- SP500 pulled back towards the 4200 level.
- NASDAQ tested new highs but lost momentum and declined towards 14,400.
- Dow Jones tested support at 33,000.
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
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
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.