NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back As Apple Dives 2.8%

SP500

SP500 is mostly flat as traders react to the better-than-expected NY Empire State Manufacturing Index report. The report indicated that NY Empire State Manufacturing Index improved from -4.7 in August to 11.5 in September, compared to analyst consensus of -3.9. Trading volumes are low as traders are not ready for big moves ahead of the Fed Interest Rate Decision, which will be released on Wednesday. Treasury yields moved lower, providing additional support to SP500.

It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing. SP500 needs to settle above the resistance at 5660 – 5680 to gain additional upside momentum.

NASDAQ

NASDAQ pulls back as Apple is down by 2.8%. The stock is under pressure as analysts noted that delivery times for new iPhone 16 Pro models showed that demand was weaker than previously expected. Apple’s weakness triggered a wave of profit-taking in the tech sector. Chip stocks like Arm Holdings, Micron, and NVIDIA were among the biggest losers in the NASDAQ index today.

From the technical point of view, NASDAQ remains stuck below the resistance at 19,500 – 19,600. A move above the 19,600 level will push NASDAQ towards the next resistance level at 20,000 – 20,100.

Dow Jones

Dow Jones tested new highs as Intel rallied 7%. The stock gained strong upside momentum as the company was awarded up to $3 billion from the CHIPS and Science Act to produce chips related to national security. It should be noted that most stocks in the Dow Jones index moved higher in today’s trading session.

Dow Jones managed to climb above the resistance at 41,300 – 41,400 and is currently trying to settle above the 41,600 level. In case this attempt is successful, Dow Jones will move towards the 42,000 level.

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