NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Lower As Strategy Dives 7.2%

SP500

SP500 managed to rebound from session lows as traders reacted to the disappointing ISM Manufacturing PMI report. The report showed that ISM Manufacturing PMI declined from 48.7 in October to 48.2 in November, compared to analyst forecast of 48.6. ISM Manufacturing Employment Index decreased from 46.0 to 44.0, compared to analyst consensus of 47. Numbers below 50 show contraction. Interestingly, Treasury yields moved higher despite the disappointing report. That said, rising Treasury yields did not put material pressure on stocks in today’s trading session. Energy stocks were among the biggest gainers in the SP500 index today as traders focused on rising oil markets. Oil prices gained ground as Ukraine attacked two tankers that were heading to Russia. Utilities and healthcare stocks were among the biggest losers today.

Currently, SP500 is trying to settle above the 6840 level. In case this attempt is successful, it will head towards the nearest resistance, which is located in the 6870 – 6880 range.

NASDAQ

NASDAQ has also managed to rebound from session lows, although the index remained in the negative territory. Strategy, which was down by 7.2%, was the worst performer in the NASDAQ index today. The stock found itself under strong pressure as Bitcoin pulled back towards the $85,000 level.

If NASDAQ climbs above the 25,500 level, it will head towards the nearest resistance level, which is located in the 25,700 – 25,800 range. On the support side, a move below the support at 25,200 – 25,250 will open the way to the test of the 50 MA at 24,917.

Dow Jones

Dow Jones moved lower amid falling demand for healthcare stocks. Merck and AMGEN  were the biggest losers in the Dow Jones index today. Nike, which was up by 1.7%, was the only notable gainer in the index.

The nearest support level for Dow Jones is located in the 47,100 – 47,200 range. in case Dow Jones manages to settle below the 47,100 level, it will head towards the 50 MA at 46,747. A move below the 50 MA will push Dow Jones towards the support at 46,400 – 46,500.

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