Advertisement
Advertisement

NASDAQ Index, SP500, Dow Jones Forecast – NASDAQ Retreats As Tech Stocks Pull Back

By:
Vladimir Zernov
Published: Apr 17, 2024, 19:22 GMT+00:00

Key Points:

  • SP500 moved lower amid a broad pullback in the tech sector.
  • NASDAQ found itself under pressure as traders sold tech stocks after ASML's report.
  • Dow Jones continued its attempts to settle below the support at 37,800 - 37,900.
NASDAQ Index, SP500, Dow Jones Forecasts

In this article:

SP500

SP500
SP500 170424 4h Chart

SP500 is losing ground amid a broad pullback in tech stocks. Traders sell riskier assets and put their funds into defensive sectors. Utilities and consumer defensive stocks were among the biggest gainers in SP500 today. Treasury yields pulled back, which is natural after a strong move. From a big picture point of view, Treasury yields stay at high levels as traders bet on a more hawkish Fed. United Airlines, which is up by 16.7%, is the best performer in the SP500 today. The stock gained strong upside momentum after the company’s earnings beat analyst expectations. It should be noted that expectations were low due to the well-known problems with Boeing aircraft.

Currently, SP500 is trying to settle below the support at 5035 – 5050. In case this attempt is successful, SP500 will head towards the next support at 4930 – 4950.

NASDAQ

NASDAQ
NASDAQ 170424 4h Chart

NASDAQ is losing ground as traders sell tech stocks. The disappointing earnings report from ASML Holding triggered a wave of selling in the sector. Advanced Micro Devices and NVIDIA were among the biggest losers in the NASDAQ index today.

NASDAQ is testing the support level at 17,450 – 17,500. In case this test is successful, NASDAQ will move towards the next support at 17,150 – 17,200. RSI has just entered into the oversold territory, but there is enough room to gain additional downside momentum in the near term.

Dow Jones

Dow Jones
Dow Jones 170424 4h Chart

Dow Jones is losing ground amid a broad pullback in the equity markets. As traders’ demand for safe-haven assets is rising, companies from consumer cyclical and consumer defensive sectors provide some support to Dow Jones. Travelers Companies, which is down by 7.2%, is the biggest loser in the Dow Jones index today. The stock moved lower as the company’s quarterly report missed expectations.

If Dow Jones settles below the support at 37,800 – 37,900, it will move towards the next support level at 37,100 – 37,200.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

Did you find this article useful?

Advertisement