NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Tesla Dives 5%

SP500

SP500 is mostly flat as traders react to the better-than-expected JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 7.375 million in April to 7.769 million in May, compared to analyst forecast of 7.3 million. Today, traders also focused on ISM Manufacturing PMI report for June. The report showed that ISM Manufacturing PMI improved from 48.5 in May to 49.0 in June, compared to analyst consensus of 48.8. Numbers below 50 show contraction. Most market sectors gained ground in today’s trading session. However, tech stocks found themselves under material pressure.

From the technical point of view, SP500 is trying to settle above the resistance level at 6185 – 6195. In case SP500 stays above this level, it will head towards the 6250 level.

NASDAQ

NASDAQ pulled back as Tesla stock dived 5%. Tesla shares moved lower as traders reacted to the feud between U.S. President Donald Trump and Elon Musk.

If NASDAQ settles below the 22,500 level, it will head towards the nearest support at 22,250 – 22,300. A move below 22,250 will open the way to the test of the next support level at 21,950 – 22,000. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones rallied amid rising demand for healthcare and consumer cyclical stocks. AMGEN, Unitedhealth Group and Merck were among the biggest gainers in the Dow Jones index today.

The nearest resistance level for Dow Jones is located in the 44,600 – 44,700 range. If Dow Jones climbs above the 44,700 level, it will head towards the next resistance level at 45,000 – 45,100. Traders should note that RSI is in the extremely overbought territory, so the risks of a pullback are increasing.

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