NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats Ahead Of Micron’s Earnings

SP500 Is Losing Ground Amid Strong Pullback In Commodity Markets

SP500 is losing ground as traders wait for Micron‘s earnings report and focus on the strong sell-off in commodity markets. Micron, which is down by -4.3%, will release its report today after market close. The company’s report will likely have a major impact on the dynamics of AI stocks and general market sentiment.

Oil prices are down by -4.5% amid reports indicating that tankers have started to turn on their transponders when going through the Strait of Hormuz. It means that shipowners and crews believe that the passage is safe. It should be noted that oil prices have erased almost all gains that were made since the start of the war in the Middle East.

Precious metals markets have suffered a strong sell-off as traders focused on strong dollar and hawkish Fed policy outlook. Gold pulled back by -3%, while silver collapsed by -7.5%.

Today, traders also focused on the New Home Sales report for May. The report indicated that New Home Sales decreased by -7.3% month-over-month, compared to analyst forecast of +2.9%.

Not surprisingly, energy stocks were among the biggest losers today as traders focused on the strong pullback in the oil markets. Basic materials stocks have also found themselves under strong pressure. Healthcare and consumer stocks gained ground amid rising demand for safe-haven assets.

SP500 continues its attempts to settle below the support at 7370 – 7380. In case SP500 manages to settle below the 7370 level, it will head towards the next support, which is located in the 7290 – 7300 range. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.

NASDAQ Is Under Pressure As Traders Prepare For Micron’s Earnings Report

NASDAQ tests new lows as traders sell tech stocks ahead of Micron’s report. Strategy, which is down by -9%, is among the biggest losers in the NASDAQ index today. The stock suffered a sell-off as Bitcoin declined below the $60,000 level.

NASDAQ pulled back below the support at 29,350 – 29,400 and is trying to settle below the 29,100 level. In case this attempt is successful, NASDAQ will head towarsd the next support, which is located in the 28,800 – 28,850 range.

RSI has recently moved into the oversold territory, but there is enough room to gain momentum in the near term. Traders should note that Micron’s earnings will have a major impact on NASDAQ dynamics, so they should be prepared for fast moves.

Dow Jones Gains Ground Amid Rising Demand For Defensive Sectors

Dow Jones gained some ground amid rising demand for consumer, industrials and financial stocks. Home Depot, which was up by +4.9%, was the biggest gainer in the Dow Jones index today.

The nearest resistance level for Dow Jones is located in the 52,100 – 52,200 range. In case Dow Jones climbs above the 52,200 level, it will head towards the 52,500 level.

On the support side, a successful test of the support level at 51,600 – 51,700 will push Dow Jones towards the next support, which is located in the 51,000 – 51,100 range.

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