NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Retreat From Session Highs As Traders Weigh Job Market Data

SP500

SP500 was mostly flat as traders reacted to JOLTs Job Openings report. The report indicated that JOLTs Job Openings decreased from 7.357 million in June to 7.181 million in July, compared to analyst consensus of 7.4 million. The weakness of the job market may force the Fed to cut rates, which could provide additional support to SP500. Today, traders also had a chance to take a look at the Factory Orders report for July. The report showed that Factory Orders decreased by -1.3%, compared to analyst forecast of -1.4%. It should be noted that most market sectors moved lower in today’s trading session. Energy stocks were among the biggest losers as traders reacted to the sell-off in the oil markets.

SP500 failed to settle above the resistance at 6430 – 6440 and is moving towards the 6400 level. In case SP500 settles below 6400, it will head towards the nearest support, which is located in the 6340 – 6350 range.

NASDAQ

NASDAQ gained ground as Alphabet soared 8%. The stock rallied as judge ruled that the company will not be forced to divest the Chrome browser.

From the technical point of view, NASDAQ lost momentum and is moving towards the nearest support level at 23,200 – 23,300. A move below this level will push NASDAQ towards the next support at 22,950 – 23,000.

Dow Jones

Dow Jones is losing ground amid pullback in industrials and healthcare sectors. The disappointing JOLTs Job Openings report put material pressure on the Dow Jones index today.

Currently, Dow Jones is trying to settle below the support at 45,000 – 45,100. In case this attempt is successful, Dow Jones will move towards the next support level at 44,500 – 44,600. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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