NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Adobe Dives 13.8%

SP500

SP500 is losing ground as traders react to the economic reports. NY Empire State Manufacturing Index declined from -2.4 in February to -20.9 in March, compared to analyst consensus of -7. Industrial Production increased by 0.1% in February. The final reading of Michigan Consumer Sentiment report indicated that Consumer Sentiment pulled back from 76.9 in February to 76.5 in March. Treasury yields continued to move higher as bond traders focused on the recent CPI and PPI reports, which showed that inflation was not under control. Tech stocks were among the biggest losers in SP500 today. Traders take profits off the table near historic highs, and it looks that tech stocks will need additional positive catalysts to move back to their recent highs.

The nearest support level for SP500 is located in the 5100 – 5110 range. If SP500 declines below 5100, it will head towards the next support, which is located in the 5040 – 5050 range.

NASDAQ

NASDAQ is losing ground as tech stocks remain under pressure. Adobe, which is down by 13.8%, is the worst performer in the NASDAQ index today. The stock crashed after the release of the quarterly report. The company beat analyst estimates but presented weak revenue guidance.

A move below the 17,800 level will push NASDAQ towards the nearest support at 17,450 – 17,500.

Dow Jones

Dow Jones is moving lower amid a broad pullback in the equity markets. The pullback is broad, and the majority of the index components have found themselves under pressure in today’s trading session.

From the technical point of view, Dow Jones is moving towards the nearest support at 38,500 – 38,550. A successful test of this level will open the way to the test of the next support at 38,100 – 38,150.

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