NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back From Session Highs As Traders Focus On Shutdown Risks

SP500

SP500 pulled back from session highs as traders reacted to economic reports and focused on shutdown risks. Pending Home Sales increased by +4.0% month-over-month in August, compared to analyst forecast of +0.3%. Dallas Fed Manufacturing Index declined from -1.8 in August to -8.7 in September, compared to analyst consensus of -7. Shutdown worries pushed gold towards historic highs. Not surprisingly, basic materials stocks were among the biggest gainers in the SP500 index today. Meanwhile, energy stocks found themselves under strong pressure as traders focused on the sell-off in the oil markets, which was driven by OPEC+ plans to boost production.

NASDAQ

NASDAQ has also moved away from session highs as traders started to take profits off the table after the recent rebound. Strategy, which was up by 5%, was among the biggest gainers in the NASDAQ index today. The stock rallied as Bitcoin climbed towards the 114,000 level.

In case NASDAQ declines below the 50 MA at 24,546, it will head towards the nearest support level, which is located in the 24,350 – 23,400 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

Dow Jones

Dow Jones settled near the support level at 46,100 – 46,200 as traders waited for additional catalysts. NVIDIA, which was up by 1.6%, was the biggest gainer in the Dow Jones index today. Chevron pulled back by 2.8% amid broad sell-off in oil-related stocks.

If Dow Jones manages to settle below the support at 46,100 – 46,200, it will move towards the next support level, which is located in the 45,700 – 45,800 range. On the upside, a move above 46,300 will open the way to the test of the nearest resistance level, which is located in the 46,600 – 46,700 range.

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