NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Micron Dives 4.7%

SP500

SP500 is losing some ground as traders stay focused on rising Treasury yields. The yield of 2-year Treasuries settled near the 4.40% level, while the yield of 10-year Treasuries made an attempt to settle above 4.80%. Today, traders had a chance to take a look at the Consumer Inflation Expectations report for December. The report showed that Consumer Inflation Expectations remained unchanged at 3%, compared to analyst forecast of 3.1%. Energy stocks were among the leaders in SP500 today. WTI oil tested new highs as traders bet that new sanctions on the Russian oil industry would disrupt supplies in the near term. Basic materials and healthcare stocks have also managed to gain upside momentum in today’s trading session.

Currently, SP500 is trying to settle back above the resistance at 5830 – 5840. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 5910 – 5920 range.

NASDAQ

NASDAQ is losing ground amid sell-off in tech stocks. Micron, Arm Holdings and NVIDIA are among the biggest losers in the NASDAQ index today. The recent changes in Fed policy outlook continue to put pressure on tech shares, which is bearish for the NASDAQ index.

NASDAQ found some support near the 20,500 level and rebounded towards the resistance at 20,750 – 20,800. A move above the 20,800 level will push NASDAQ towards the next resistance level at 21,150 – 21,200.

Dow Jones

Dow Jones is moving higher amid rising demand for healthcare and industrials stocks. Unitedhealth Group, which is up by 4.5%, is the best performer in the Dow Jones index today.

If Dow Jones manages to settle above the resistance at 42,100 – 42,200, it will head towards the 50 MA at 42,510. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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