NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Pulls Back As AMGEN Dives 5.2%

SP500

SP500 pulls back as traders take some profits off the table near historic highs. Today, traders had a chance to take a look at the New Home Sales report, which showed that New Home Sales declined by 4.7% month-over-month in August. Analysts expected that New Home Sales would drop by 5.1%. Utilities were among the best performers in the SP500 index today as traders increased purchases of safe-haven assets. Energy stocks found themselves under strong pressure as oil markets declined by 2.5% despite bullish EIA report. Demand worries continue to put pressure on oil prices, which is bearish for energy stocks.

SP500 made several attempts to settle above the resistance at 5735 – 5750, but these attempts yielded no results. If SP500 pulls back below the 5720 level, it will head towards the nearest support, which is located in the 5660 – 5680 range.

NASDAQ

NASDAQ remains stuck below the nearest resistance at 20,000 – 20,100 as traders wait for additional catalysts. Intel, Advanced Micro Devices, and NVIDIA were among the biggest gainers in the NASDAQ index today. Demand for AI-related stocks stays strong, which is bullish for NASDAQ.

A move above the 20,100 level will push NASDAQ towards the resistance at 20,700 – 20,800. On the support side, the nearest significant support level for NASDAQ is located in the 19,500 – 19,600 range.

Dow Jones

Dow Jones pulled back as AMGEN declined by 5.2%. The stock is losing ground as traders react to the disappointing results for two drug candidates. Chevron has also found itself under material pressure amid strong pullback in the oil markets.

Currently, Dow Jones is trying to settle below the 50 MA at 41,850. In case this attempt is successful, Dow Jones will head towards the support level, which is located in the 41,300 – 41,400 range.

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