NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Falls As Super Micro Computer Dives 19.5%

SP500

SP500 pulls back as traders take profits amid lack of catalysts. Historically, September is the worst month for stocks, so traders are somewhat cautious. At the same time, the Fed is expected to start the rate cut cycle at the next meeting, which may provide additional support to stocks. The pullback is broad, and most market sectors are moving lower in today’s trading session. Utilities stocks have managed to gain some ground as traders searched for safe-haven assets.

SP500 has recently made an attempt to settle below the support at 5550 – 5570 but failed to develop sufficient momentum. In case SP500 manages to settle below the 5550 level, it will head towards the next support, which is located in the 5400 – 5420 range.

NASDAQ

NASDAQ is losing ground as Super Micro Computer stock is down by 19.5%. The stock is under strong pressure after the company announced that it would delay the filing of its annual report with the SEC. Earlier, Hindenburg Research published a report accusing the company of accounting problems. Hindenburg Research has also disclosed a short position in Super Micro Computer stock.

NASDAQ pulled back below the support at 19,500 – 19,600 and made an attempt to settle below the 19,200 level. A move below 19,200 will push NASDAQ towards the next support at 18,500 – 18,600.

Dow Jones

Dow Jones moved lower after an unsuccessful attempt to settle above the key resistance at 41,300 – 41,400. Nike, which was down by 3%, was the worst performer in the Dow Jones index today.

In case Dow Jones settles below the 40,800 level, it will head towards the nearest support at 40,500 – 40,600. On the upside, a move above 41,100 will push Dow Jones back towards the important resistance level at 41,300 – 41,400.

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