NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Retreat As Pullback Continues

SP500

SP500 is losing ground as traders remain worried about valuations. Tech stocks are among the biggest losers in the SP500 index today. Utilities and healthcare stocks moved higher as demand for safe-haven assets increased. Today, traders had a chance to take a look at NY Empire State Manufacturing Index report. The report indicated that NY Empire State Manufacturing Index improved from 10.70 in October to 18.70 in November, compared to analyst forecast of 6. The better-than-expected report did not provide support to the market as traders focused on the performance of tech stocks and waited for the release of job market data, which was delayed due to U.S. government shutdown.

The nearest support level for SP500 is located in the 6640 – 6650 range. In case SP500 manages to settle below the 6640 level, it will head towards the next support at 6570 – 6580.

NASDAQ

NASDAQ retreats as traders sell tech stocks. Strategy, which is down by 3.4%, is among the biggest losers in the NASDAQ index today. The stock remains under pressure as Bitcoin declined towards the $92,000 level.

In case NASDAQ settles below the support at 24,650 – 24,700, it will move towards the next support level at 24,250 – 24,300. RSI remains in the moderate territory, so there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones declined amid broad pullback in the equity markets. American Express, which is down by 3.7%, was the worst performer in the Dow Jones index today.

From the technical point of view, Dow Jones moved below the support at 46,900 – 47,000 and is trying to settle below the 46,700 level. In case this attempt is successful, Dow Jones will head towards the next support level, which is located in the 46,400 – 46,500 range.

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