NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Pulls Back As Johnson & Johnson Dives 7%

SP500

SP500 is swinging between gains and losses as traders react to economic reports. JOLTs Job Openings declined from 7.74 million in January to 7.568 million in February, compared to analyst consensus of 7.63 million. ISM Manufacturing PMI decreased from 50.3 in February to 49 in March, compared to analyst forecast of 49.5. Numbers below 50 show contraction. Both reports missed analyst estimates but did not serve as significant bearish catalysts as traders remained focused on tariffs, which will be revealed tomorrow. Consumer cyclical stocks were among the leaders in the SP500 index today, while healthcare stocks have found themselves under pressure.

The nearest support level for SP500 is located in the 5590 – 5600 range. A move below the 5590 level will open the way to the test of the next support at 5510 – 5520.

NASDAQ

NASDAQ gained some ground as demand for tech stocks increased. It should be noted that traders remained cautious ahead of the tariff announcement. Tesla, which was up by 3.9%, was among the biggest gainers in the NASDAQ index today.

NASDAQ settled above the support at 19,100 – 19,150 and is trying to climb above the 19,400 level. In case this attempt is successful, NASDAQ will move towards the next resistance level at 19,600 – 19,650.

Dow Jones

Dow Jones moved lower as Johnson & Johnson pulled back by 7%. The stock suffered a sell-off as a bankruptcy judge rejected talc settlement. The talc lawsuit is an important catalyst for the company, so traders rushed to sell the stock after the $10 billion settlement was rejected by the judge.

Currently, Dow Jones is trying to stay above the support level at 41,700 – 41,800. If Dow Jones settles above the 41,800 level, it will head towards the 50 MA at 42,127. RSI is in the moderate territory, and there is plenty of room to gain upside momentum in the near term.

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