NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Tesla Dives 7.6%

SP500

SP500 is losing ground as traders worry that economic reports, which were delayed due to the shutdown, will show that the economy is slowing down. Worries about valuations of high-flying tech stocks put additional pressure on the index. The pullback is broad, and most market sectors are moving lower in today’s trading session. Tech stocks are among the worst performers in the SP500 index today. Healthcare stocks managed to gain some ground as demand for defensive sectors increased. Energy stocks have also moved higher, supported by rising natural gas markets.

Currently, SP500 is trying to settle below the support at 6765 – 6775. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 6640 – 6650 range.

NASDAQ

NASDAQ is under strong pressure amid valuation concerns. Tesla, which is down by 7.6%, is the worst performer in the NASDAQ index today. The stock is losing ground as traders rush to take profits off the table.

In case NASDAQ settles below the support at 25,150 – 25,200, it will head towards the next support level, which is located in the 24,650 – 24,700 range. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in the near term.

Dow Jones

Dow Jones pulled back from historic highs amid broad sell-off in the equity markets. The pullback is led by Disney stock, which is down by 8%. The stock found itself under strong pressure as Disney’s fourth-quarter report missed revenue estimates.

The nearest support level for Dow Jones is located in the 47,500 – 47,600 range. A successful test of this support level will open the way to the test of the next support at 46,900 – 47,000.

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