NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Strategy Dives 7.3%

SP500

SP500 moved lower amid pullback in tech stocks. Seagate, which was down by 7.3%, was the worst performer in the SP500 index today. The stock suffered a sell-off as traders continued to take profits after the huge rally from April lows. Today’s pullback was broad, and most market sectors moved lower. Consumer defensive and utilities stocks gained some ground amid rising demand for safe-haven assets. From a big picture point of view, traders may start thinking about profit-taking amid absence of economic news due to U.S. government shutdown.

The nearest support level for SP500 is located in the 6700 – 6710 range. A successful test of this level will open the way to the test of the next support at 6610 – 6620. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is losing ground as traders focus on the report, which indicated that Oracle’s profit margin it the cloud business fell below estimates. Strategy, which is down by 7.3%, is the worst performer in the NASDAQ index today. The stock pulled back as Bitcoin  declined below the 121,000 level.

In case NASDAQ manages to settle below the support at 24,750 – 24,800, it will head towards the next support level, which is located in the 24,350 – 24,400 range.

Dow Jones

Dow Jones moved lower amid broad pullback in the equity markets. The pullback was led by Nike stock, which declined by 3%.

From the technical point of view, Dow Jones failed to settle above the resistance at 46,600 – 46,700 and pulled back towards the 46,500 level. If Dow Jones declines below the 50 MA at 46,419, it will head towards the nearest support level at 46,100 – 46,200.

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