NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Retreat As Traders Take Profits Ahead Of Jackson Hole Symposium

SP500

SP500 tests new lows as traders focus on housing market data and prepare for Jackson Hole Symposium. Housing Starts increased by +5.2% month-over-month in July, while analysts expected that they would decline by -2.2%. Building Permits decreased by -2.8%, compared to analyst forecast of -0.2%. Traders also focused on Jackson Hole Symposium, which is scheduled for August 21-23. Traders decided to take some profits off the table ahead of Fed Chair Powell’s comments. At this point, markets expect that Fed will cut the federal funds rate by 25 bps at the next meeting in September. Today’s pullback was led by tech stocks. Real estate, consumer defensive and utilities stocks moved higher as demand for safe-haven assets increased.

SP500 moved below the support at 6430 – 6440 and is trying to settle below the 6400 level. In case this attempt is successful, SP500 will head towards the next support at 6340 – 6350.

NASDAQ

NASDAQ is under pressure amid sell-off in tech stocks. Advanced Micro Devices, which is down by 5.2%, is among the biggest losers in the NASDAQ index today. Strategy is down by 7.6% as Bitcoin pulled back towards the $113,000 level.

Currently, NASDAQ is trying to settle below the support at 23,450 – 23,500. In case this attempt is successful, NASDAQ will head towards the next support level at 23,200 – 23,250.

Dow Jones

Dow Jones made an attempt to settle above the resistance level at 45,000 – 45,100 but lost momentum and pulled back. Boeing, which is down by 3.6%, is the worst performer in the Dow Jones index today.

If Dow Jones manages to settle below the 44,800 level, it will head towards the support level, which is located in the 44,500 – 44,600 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

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