NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Is Losing Ground Amid Profit-Taking

SP500

SP500 is moving lower as traders continue to take profits off the table near historic highs. There are no important economic reports scheduled to be released in the U.S. today, and traders wait for inflation data, which will be released tomorrow. Inflaton Rate is expected to increase from 2.6% in October to 2.7% in November, while Core Inflation Rate is projected to remain unchanged at 3.3%. These reports will likely have a material impact on market dynamics. Alphabet, which is up by 4.7%, is among the biggest gainers in the SP500 index today. The stock rallied as traders reacted to Google’s new quantum chip.

In case SP500 settles below the 6050 level, it will move towards the nearest support level, which is located in the 6020 – 6030 range. A move below the 6020 level will push SP500 towards the next support at 5980 – 5990.

NASDAQ

NASDAQ is losing ground as demand for tech stocks declines. Super Micro Computer, Micron, Intel, and NVIDIA are among the biggest losers in the NASDAQ index today.

If NASDAQ stays below the 21,400 level, it will head towards the 50 MA at 21,269. A move below the 50 MA will open the way to the test of the nearest support level at 21,100 – 21,200.

Dow Jones

Dow Jones is mostly flat as traders wait for inflation data. Boeing, which is up by 5.8%, is the biggest gainer in the Dow Jones index today. The stock gained upside momentum as Boeing restarted 737 MAX production after the recent strike.

Currently, Dow Jones is trying to settle back above the support at 44,400 – 44,500. In case this attempt is successful, Dow Jones will move towards the 50 MA at 44,735. On the support side, a move below the 44,200 level will push Dow Jones towards the next support at 43,800 – 43,900.

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