NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests Weekly Lows

SP500

SP500 is losing ground as traders worry that the situation in the job market continues to deteriorate. Treasury yields moved lower as traders bet that Fed will cut rates due to the weak labor market. The pullback is broad, and most market sectors are losing ground in today’s trading session. Consumer cyclical stocks are among the biggest losers in the SP500 index today. Energy stocks managed to gain some ground, supported by the rally in natural gas markets.

SP500 moved below the support at 6765 – 6775 and made an attempt to settle below the 6700 level. In case SP500 settles below 6700, it will head towards the next support, which is located in the 6680 – 6690 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ pulled back as traders rushed to sell tech stocks amid valuation concerns. Advanced Micro Devices and NVIDIA were among the biggest losers in the NASDAQ index today. Strategy  pulled back by 4.6% as Bitcoin remained under pressure.

The nearest support level for NASDAQ is located in the 25,150 – 25,200 range. In case NASDAQ settles below the 25,150 level, it will head towards the next support level at 24,700 – 24,750.

Dow Jones

Dow Jones tested new lows amid broad pullback in the equity markets. Most stocks in the Dow Jones index found themselves under pressure in today’s trading session. IBM and Merck were the only notable gainers in the index.

Currently, Dow Jones is trying to settle below the support level at 46,900 – 47,000. In case this attempt is successful, Dow Jones will move towards the next support, which is located in the 46,900 – 47,000 range.

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