NASDAQ Index, SP500, Dow Jones Analysis – Stocks Mixed As Traders Digest Coca-Cola Results

SP500 is swinging between gains and losses as weak performance of tech stocks is offset by the rally in energy stocks. The disappointing Dallas Fed Manufacturing Index report served as a bearish catalyst for SP500, while weaker dollar provided some support to the index.

From the technical point of view, SP500 is stuck in the range between the support at 4115 and the resistance at 4150. Most likely, SP500 will be able to gain momentum when it moves out of the current trading range.

R1:4150 – R2:4175 – R3:4200

S1:4115 – S2:4090 – S3:4070

NASDAQ

NASDAQ 240423 Daily Chart

NASDAQ is losing ground as tech stocks decline. Tesla, which is down by more than 2%, is among the biggest losers in the NASDAQ index today.

NASDAQ settled below the 13,000 level and is trying to get below the support at 12,900. In case this attempt is successful, NASDAQ will head towards the next support level, which is located at 12,750. On the upside, a move above 13,000 will push NASDAQ towards the resistance at 13,140.

R1:13,000 – R2:13,140 – R3:13,250

S1:12,900 – S2:12,750 – S3:12,650

Dow Jones

Dow Jones 240423 Daily Chart

Dow Jones continues its attempts to settle above the 33,850 level. Chevron, which is up by more than 1.5%, is the best performer in the Dow Jones index today. Chervon shares are gaining ground as oil markets continue to rebound after the recent sell-off. Coca-Cola lost momentum and moved lower as traders used the strong earnings report as an opportunity to take profits after the recent rally.

If Dow Jones manages to settle above 33,850, it will move towards the next resistance level at 34,000. On the support side, a move below the support at 33,700 will open the way to the test of the support at 33,500.

R1:33,850 – R2:34,000 – R3:34,200

S1:33,700 – S2:33,500 – S3:33,300

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About the Author

Vladimir Zernovauthor

Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.