NASDAQ Index, SP500, Dow Jones Analysis – Stocks Rebound From Session Lows

Key Insights

• SP500 received support near 4070 and moved back above the 4100 level.
• NASDAQ climbed back above 13,000 as tech stocks rebounded from session lows. 
• Dow Jones managed to settle back above the important 33,500 level. 

SP500

SP500 rebounded from session lows as traders used the pullback as an opportunity to increase their long positions. Micron and Western Digital, which gained 7%, were the biggest gainers in the SP500 today.

The nearest resistance level for SP500 is located at 4115. In case SP500 climbs above this level, it will move towards the next resistance at 4150. On the support side, SP500 needs to settle below the strong support at 4070 to continue the pullback.

R1:4115 – R2:4150 – R3:4175

S1:4090 – S2:4070 – S3:4040

NASDAQ

NASDAQ moved back above the 13,000 level as tech stocks rebounded from session lows. It should be noted that Treasury yields continue to move higher, which is an alarming development for the bulls.

If NASDAQ moves above the resistance level at 13,140, it will head towards the next resistance at the recent highs at 13,250. A successful test of this level will open the way to the test of the resistance at 13,400.

R1:13,140 – R2:13,250 – R3:13,400

S1:13,000 – S2:12,900 – S3:12,750

Dow Jones

Dow Jones climbed back above the 33,500 level as Industrials stocks like Caterpillar and 3M Company gained upside momentum.

From a big picture point of view, Dow managed to consolidate in the 33,300 – 33,500 range, which is a welcome development for the bulls. If Dow Jones stays above the 33,500 level, it will head towards the resistance level at 33,700. A move above this level will push Dow Jones towards the next resistance, which is located at 33,850.

R1:33,700 – R2:33,850 – R3:34,000

S1:33,500 – S2:33,300 – S3:33,150

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