NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back As Meta Dives 3.9%

SP500

SP500 pulled back from historic highs as traders reacted to economic reports. NY Empire State Manufacturing Index increased from -12.60 in January to 5.70 in February, compared to analyst forecast of -1. NAHB Housing Market Index declined from 47 to 42, while analysts expected that it would remain unchanged at 47. Treasury yields moved higher, putting additional pressure on stocks. Energy stocks were among the leaders in the SP500 today. Traders focused on the rally in natural gas markets and the continuation of the rebound in oil markets.

SP500 has recently made an attempt to settle below the support level at 6090 – 6100. If SP500 declines below the 6090 level, it will head towards the next support level, which is located in the 6000 – 6010 range.

NASDAQ

NASDAQ pulled back as Meta  declined by 3.9%. The stock found itself under pressure as traders rushed to take profits off the table after multi-day rally. Amazon, Alphabet, and Tesla were also among the biggest losers in the NASDAQ index today.

In case NASDAQ settles below the 22,000 level, it will get to the test of the support at 21,900 – 21,950. A move below the 21,900 level will push NASDAQ towards the 50 MA at 21,849.

Dow Jones

Dow Jones continues is attempts to settle below the support level at 44,400 – 44,500 as Unitedhealth Group is down by 4.8%. Nike , which is up by 5.5%,  is the biggest gainer in the Dow Jones index today. The stock rallied as Nike partnered with Kim Kardashian’s Skims.

If Dow Jones manages to settle below the support at 44,400 – 44,500, it will move towards the next support level at 44,000 – 44,100. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in the near term. On the upside, a move above the 44,600 level will open the way to the test of the resistance at 44,900 – 45,000.

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