NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Broadcom Remains Under Strong Pressure

SP500

SP500 is losing ground amid pullback in tech stocks. Energy stocks were also among the losers today as traders focused on the pullbacks in natural gas and oil markets. Today, traders had a chance to take a look at the NAHB Housing Market Index report. The report indicated that NAHB Housing Market Index improved from 38 in November to 39 in December, compared to analyst consensus of 38. Traders also forcused on the NY Empire State Manufacturing Index report for December. The report showed that NY Empire State Manufacturing Index declined from 18.7 to -3.9, compared to analyst forecast of 10. From a big picture point of view, traders remain worried about valuations of AI-related stocks. Meanwhile, the recent Fed rate cut provides some support to stocks.

In case SP500 manages to settle below the 6800 level, it will head towards the nearest support, which is located in the 6750 – 6760 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.

NASDAQ

NASDAQ is losing ground as traders reduce their positions in tech stocks. Broadcom, which is down by 5.2%, is among the biggest losers in the NASDAQ index today. Strategy  declined by 6.6% as Bitcoin pulled back towards the $86,000 level.

Currently, NASDAQ is trying to settle below the support at 25,200 – 25,300. In case this attempt is successful, NASDAQ will head towards the next support level, which is located in the 24,800 – 24,850 range.

Dow Jones

Dow Jones moved lower amid pullback in tech stocks. Salesforce, which was down by 3%, was the biggest loser in the Dow Jones index today.

In case Dow Jones declines below the 48,300 level, it will head towards the nearest support at 47,900 – 48,000.

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