NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Moves Lower As Boeing Pulls Back

SP500

SP500 is mostly flat as traders react to the weaker-than-expected NAHB Housing Market Index report. The report indicated that NAHB Housing Market Index decreased from 33 in July to 32 in August, compared to analyst forecast of 34. Treasury yields continued to move higher, but this move did not put material pressure on stocks. Consumer cyclical and industrials stocks were among the biggest gainers today. Real estate and utilities stocks found themselves under pressure as traders focused on rising Treasury yields.

The nearest support level for SP500 is located in the 6430 – 6440 range. This support level has already been tested several times and proved its strength. In case SP500 manages to settle below the 6430 level, it will head towards the next support level at 6340 – 6350.

NASDAQ

NASDAQ is also flat as traders wait for additional catalysts. Intel, which is down by 3.2%, is among the biggest losers in the NASDAQ index today. The stock pulled back amid reports indicating that the U.S. government may convert its grants to the company into a 10% stake.

Currently, NASDAQ continues its attempts to settle back above the resistance at 23,700 – 23,750. If NASDAQ manages to settle above this level, it will move towards the next resistance at 23,900 – 23,950.

Dow Jones

Dow Jones is losing some ground as Boeing is down by 2.2%. From the technical point of view, Dow Jones remains stuck below the resistance level at 45,000 – 45,100.

In case Dow Jones settles below the 44,800 level, it will head towards the nearest support, which is located in the 44,500 – 44,600 range. A move below the 44,500 level will open the way to the test of the support at 43,900 – 44,000. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

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