NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Lows As Strategy Dives 14%

SP500

SP500 is losing ground as traders react to job market data and focus on the sell-off in commodity markets. JOLTs Job Openings decreased from 7.146 million in November to 6.542 million in December, compared to analyst consensus of 7.2 million. Initial Jobless Claims report indicated that 231,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 212,000. The pullback is broad, and most market sectors are losing ground in today’s trading session. Basic materials stocks are among the biggest losers as traders react to the strong sell-off in silver markets.

Currently, SP500 is trying to settle below the support level at 6790 – 6800. In case this attempt is successful, SP500 will move towards the next support, which is located in the 6720 – 6730 range.

NASDAQ

NASDAQ is under pressure as the sell-off in the tech sector continues. Strategy, which is down by 14%, is the biggest loser in the NASDAQ index today. The stock tested yearly lows as Bitcoin declined below the $66,000 level amid crypto market sell-off.

If NASDAQ manages to settle below the support at 24,700 – 24,750, it will move towards the next support level, which is located in the 24,250 – 24,300 range. RSI is close to oversold territory, but there is enough room to gain additional downside momentum in case the right catalysts emerge.

Dow Jones

Dow Jones retreats amid broad pullback in the equity markets. Amazon, which is down by 3.7%, is among the biggest losers in the Dow Jones index today. The stock pulled back amid worries about AI spending.

The nearest support level for Dow Jones is located in the 48,700 – 48,800 range. A successful test of this level will open the way to the test of the next support level at 47,900 – 48,000.

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