NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back Amid Falling Demand For Tech Stocks

SP500

SP500 is losing some ground as traders worry that U.S. and China have not started trade negotiations. Today, traders had a chance to take a look at Dallas Fed Manufacturing Index report. The report showed that Dallas Fed Manufacturing Index decreased from -16.3 in March to -35.8 in April, compared to analyst forecast of -15. From a big picture point of view, traders have already started to take profits off the table after the recent rally. Demand for defensive sectors is rising. Utilities and real estate stocks were among the biggest gainers in the SP500 index today, while tech stocks have found themselves under pressure.

SP500 remains stuck near the resistance level at 5490 – 5500. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term. If SP500 manages to stay above the 5500 level, it will head towards the resistance level at 5590 – 5600.

NASDAQ

NASDAQ moved lower as tech stocks pulled back. NVIDIA, which was down by 3%, was the biggest loser in the NASDAQ index today. Worries about U.S. – China trade war have put significant pressure on NVIDIA stock in 2025.

The nearest support level for NASDAQ is located in the 19,000 – 19,050 range. A move below the 19,000 level will push NASDAQ towards the 50 MA at 18,627.

Dow Jones

Dow Jones continues its attempts to settle above the resistance level at 40,000 – 40,100. This resistance level has been tested many times and proved its strength.

If Dow Jones settles above the 40,100 level, it will head towards the nearest resistance level, which is located in the 40,900 – 41,000 range. On the support side, a move below the 39,800 level will push Dow Jones towards the support level at 39,300 – 39,400.

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