NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Tech Stocks Decline

SP500

SP500 pulls back as traders react to economic reports. PCE Price Index increased by 0.2% month-over-month in October, in line with analyst expectations. Core PCE Index increased by 0.3%, meeting analyst estimates. Durable Goods Orders increased by 0.2% in October, while analysts expected that they would grow by 0.5%. Pending Home Sales grew by 2% month-over-month in October, compared to analyst forecast of -2%. Initial Jobless Claims remained unchanged at 213,000, highlighting the strength of the job market. Personal Income increased by 0.6% month-over-month in October, while Personal Spending grew by 0.4%. Both reports exceeded analyst estimates. The second estimate of the third-quarter GDP Growth Rate report showed that GDP Growth Rate was 2.8%, in line with analyst consensus. Overall, the reports showed that the U.S. economy remained in decent shape. However, traders decided to take some profits off the table ahead of the holiday.

The nearest support level for SP500 is located in the 5980 – 5990 range. If SP500 declines below the 5980 level, it will head towards the 50 MA at 5946.

NASDAQ

NASDAQ is losing ground amid pullback in tech stocks. Autodesk, which is down by 8.7%, is the worst performer in the NASDAQ index today. The stock found itself under pressure after the company released a solid Q3 report but announced a change of CFO.

In case NASDAQ settles below the support level at 20,700 – 20,800, it will move towards the next support, which is located in the 20,000 – 20,100 range.

Dow Jones

Dow Jones is moving lower amid broad pullback in the equity markets. The pullback is led by Salesforce, NVIDIA, and IBM.

From the technical point of view, Dow Jones faced resistance in the 44,900 – 45,000 range and is trying to settle below the 44,700 level. In case this attempt is successful, Dow Jones will move towards the nearest support level, which is located in the 44,400 – 44,500 range.

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