NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Pulls Back As McDonald’s Dives 4.8%

SP500

SP500 is losing ground amid strong sell-off in tech and consumer sectors. From a big picture point of view, traders continue to take profits off the table near historic highs. Today, traders also focused on the Existing Home Sales report for September. The report indicated that Existing Home Sales declined by 1.0% on a month-over-month basis, compared to analyst consensus of -1.6%. The pullback is broad, and most sectors have found themselves under material pressure in today’s trading session. However, real estate and utilities stocks managed to gain some ground despite rising Treasury yields as demand for safe-haven assets increased.

Currently, SP500 is trying to settle below the support at 5800 – 5810. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 5735 – 5750 range.

NASDAQ

NASDAQ is under pressure as traders sell tech stocks. Arm Holdings, Micron, NVIDIA, Intel, and Apple are among the worst performers in the NASDAQ index today.

NASDAQ is testing the nearest support level at 20,000 – 20,100. In case this test is successful, NASDAQ will head towards the next support, which is located in the 19,500 – 19,600 range. RSI is in the moderate territory, so there is enough room to gain additional momentum in case the right catalysts emerge.

Dow Jones

Dow Jones moved lower amid broad pullback in the equity markets. McDonald’s , which was down by 4.8%, was the worst performer in the Dow Jones index today. The stock suffered a sell-off after CDC linked E. coli outbreak to Quarter Pounders.

Dow Jones has recenly moved below the support at 42,600 – 42,700 and is trying to gain additional downside momentum. In case this attempt is successful, Dow Jones will head towards the next support level at 42,100 – 42,200.

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