NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Move Lower As Traders React To FOMC Minutes

SP500

SP500 is losing some ground as traders react to FOMC Minutes. The Minutes showed that Fed was not in a hurry to cut rates due to tariff policy uncertainty. Overall, the Minutes did not contain surprises. The market’s reaction to the Minutes was rather weak. It should be noted that the pullback is broad, and most market sectors are moving lower in today’s trading session. Tech stocks managed to gain some ground, while utilities and basic materials stocks have found themselves under strong pressure.

From the technical point of view, SP500 continues its attempts to settle above the resistance level at 5910 – 5920. If SP500 manages to settle above the 5920 level, it will head towards the next resistance level at 6000 – 6010. On the support side, a move below the 50 MA at 5893 will push SP500 towards the support at 5800 – 5810.

NASDAQ

NASDAQ was mostly flat as demand for tech stocks remained solid. It should be noted that there were no material moves in the tech sector today.

At this point, it looks that NASDAQ needs additional catalysts to climb above the resistance level at 21,450 – 21,500. In case NASDAQ climbs above the 21,500 level, it will head towards the next resistance at 21,950 – 22,000.

Dow Jones

Dow Jones pulled back as most stocks in the index moved lower. The pullback was led by Merck, which was down by 2.3%. Nike, which pulled back by 1.9%, was also among the biggest losers in the Dow Jones index today.

Dow Jones is moving towards the nearest support level, which is located in the 42,000 – 42,100 range. If Dow Jones declines below the 42,000 level, it will head towards the next support level at 42,500 – 41,600. On the upside, a move above the 42,400 level will push Dow Jones towards the resistance level at 42,700 – 42,800.

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