NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Pulls Back From Session Highs Ahead Of NVIDIA’s Report

SP500

SP500 pulled back from session highs as traders reacted to Donald Trump’s plans to impose 25% tariffs on imports from the EU. Today, traders also focused on the New Home Sales report for January. The report indicated that New Home Sales declined by -10.5% month-over-month, compared to analyst forecast of -2.6%. Consumer defensive and healthcare stocks were among the biggest losers in the SP500 index today. Meanwhile, technology and utilities stocks moved higher. From a big picture point of view, traders stay cautious, and it looks that SP500 needs additional positive catalysts to gain sustainable upside momentum.

SP500 has recently made an attempt to settle above the resistance at 6000 – 6100 but failed to develop sufficient momentum and pulled back towards the 5950 level. If SP500 settles below 5950, it will head towards the next support level at 5910 – 5920.

NASDAQ

NASDAQ has also moved away from session highs as traders prepared for NVIDIA’s earnings report, which will be released after the market close. Tesla, which was down by 4%, remained under pressure amid worries about the company’s sales in the EU.

Currently, NASDAQ is trying to settle below the 21,100 level. In case this attempt is successful, it will head towards the support level at 20,850 – 20,900. RSI has recently moved back into oversold territory, but there is enough room to gain additional downside momentum in the near term.

Dow Jones

Dow Jones pulled back as demand for healthcare stocks declined. AMGEN, Merck, and Unitedhealth Group were among the biggest losers in the Dow Jones index today.

Dow Jones is trying to settle below the support level at 43,500 – 43,600. If Dow Jones manages to settle below the 43,500 level, it will head towards the next support, which is located in the 43,000 – 43,100 range.

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