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NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Slips as Traders Book Profits, Apple’s Slide Weighs

By:
James Hyerczyk
Updated: Mar 4, 2024, 19:10 UTC

Key Points:

  • The Nasdaq Composite shed 0.2%, returning to charted waters after notching record levels late last week.
  • Apple fell more than 3% after getting hit with a European Union antitrust fine of nearly $2 billion.
  • Super Micro Computer and Deckers Outdoor surged over 25% and 2% after being added to the S&P 500.
NASDAQ Index, SP500, Dow Jones Forecasts

SP 500

Daily E-mini S&P 500 Index

E-mini S&P 500 Index futures are nearly flat-lining at the mid-session on Monday. This trader indicision is likely being fueled by a blend of profit-taking and some short-selling by top-pickers.

There is no resistance, but traders should keep an eye on 5060.00. A trade through this bottom will change the short-term trend to down and could lead to an acceleration into the 50-day moving average at 4921.94.

Nasdaq

Daily E-mini Nasdaq-100 Index

E-mini Nasdaq-100 Index futures are edging lower on Monday as investors take a breather ahead of several key economic events later in the week. Technically, the index did trade through last Friday’s high and is now trading lower. This puts it in a position to post a potentially bearish closing price reversal top. If confirmed, this could lead to a 2 to 3 day correction.

The best support is the 50-day moving average at 17433.22.

Dow Jones

Daily E-mini Dow Jones

E-mini Dow Jones futures are down about 100 points on Monday. The average is being pressured by a drop in shares of Apple.

The European Commission, the European Union’s executive arm, on Monday hit Apple with a 1.8 billion euro ($1.95 billion) antitrust fine for abusing its dominant position in the market for the distribution of music streaming apps.

The commission said it found that Apple had applied restrictions on app developers that prevented them from informing iOS users about alternative and cheaper music subscription services available outside of the app.

Apple also banned developers of music streaming apps from providing any instructions about how users could subscribe to these cheaper offers, the commission alleged.

About the Author

James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.

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