NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Rebound From Session Lows But Tech Stocks Remain Under Pressure

SP500

SP500 rebounded from session lows as traders started to buy the dip. It should be noted that most market sectors are moving higher in today’s trading session. However, the pullback in tech stocks put significant pressure on SP500. Today, traders had a chance to take a look at NAHB Housing Market Index report for November. The report showed that NAHB Housing Market Index improved from 37 to 38, compared to analyst consensus of 37. Factory Orders increased by +1.4% month-over-month in August, in line with analyst estimates. The ADP Employment Change Weekly report indicated that the economy continued to lose jobs. From a big picture point of view, traders are worried about valuations of tech stocks and the situation in the labor market. However, some traders are ready to buy the dip.

In case SP500 stays above the support at 6640 – 6650, it will head towards the nearest resistance level, which is located in the 6765 – 6775 range.

NASDAQ

NASDAQ has also managed to move away from session lows, although the index remained in the negative territory. Amazon, which was down 3.7%, was among the biggest losers in the NASDAQ index today.

In case NASDAQ settles back above the 24,800 level, it will head towards the resistance level at 25,150 – 25,200. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones tested new lows as pullback continued. Home Depot , which was down by 4.5%, was the worst performer in the Dow Jones index today. The stock pulled back as the company’s quarterly report missed analyst estimates.

The nearest resistance level for Dow Jones is located in the 46,400 – 46,500 range. If Dow Jones climbs above the 46,500 level, it will head towards the next resistance at 46,900 – 47,000.

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