NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Adobe Dives 14%

SP500

SP500 pulls back as traders react to Producer Prices reports. PPI increased by 0.4% month-over-month in November, compared to analyst consensus of +0.2%. Core PPI remained unchanged at 0.2%, in line with analyst estimates. Traders also had a chance to take a look at the Initial Jobless Claims report. The report indicated that 242,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 220,000. The pullback was broad, and most market sectors found themselves under pressure in today’s trading session. Basic materials stocks were among the biggest losers as traders reacted to the sell-off in precious metals markets. Consumer defensive and real estate stocks managed to gain some ground amid rising demand for safe-haven assets.

In case SP500 settles below the 50 MA at 6070, it will head towards the next support level, which is located in the 6020 – 6030 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is losing ground as Adobe stock is down by 14%. The stock gained strong downside momentum as traders reacted to the company’s earnings report. Traders focused on the disappointing full-year revenue forecast and worried about the efficiency of Adobe’s AI-related investments.

If NASDAQ settles back below the resistance at 21,600 – 21,700, it will move towards the 50 MA at 21,448. A move below the 50 MA will open the way to the test of the support level at 21,100 – 21,200.

Dow Jones

Dow Jones is losing ground as pullback continues. There are no big losers in the Dow Jones index today, but most stocks are moving lower.

The nearest support level for Dow Jones is located in the 43,800 – 43,900 range. A move below the 43,800 level will push Dow Jones towards the next support level at 43,200 – 43,300.

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