NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Tesla Dives 10.7%

SP500

SP500 is losing ground as traders focus on the weak CB Consumer Confidence report. The report showed that CB Consumer Confidence decreased from 104.1 in January to 98.3 in February, compared to analyst consensus of 102.5. Today, traders also had a chance to take a look at Case-Shiller Home Price index report. The report indicated that home prices increased by 4.5% year-over-year in December, compared to analyst forecast of 4.4%. Energy stocks were among the biggest losers in the SP500 index today as traders focused on the strong pullback in the oil markets. Meanwhile, real estate and consumer defensive stocks enjoyed strong support as demand for safe-haven assets increased.

SP500 settled below the previous support at 6000 – 6010 and is trying to settle below the 5950 level. In case this attempt is successful, SP500 will head towards the support at 5910 – 5920.

NASDAQ

NASDAQ tested new lows as tech stocks remained under strong pressure. Microstrategy, which was down by 17%, was the worst performer in the NASDAQ index today. The stock suffered a strong sell-off as Bitcoin pulled back below the $90,000 level. Tesla  declined by 10.7% as the company’s European car sales tumbled.

In case NASDAQ settles below the 21,100 level, it will head towards the nearest support, which is located in the 20,850 – 20,900 range. RSI is in the oversold territory, and the risks of a rebound are increasing.

Dow Jones

Dow Jones gained some ground amid rising demand for consumer defensive stocks. Walmart, which was up by 2.6%, was the biggest gainer in the Dow Jones index today.

From the technical point of view, Dow Jones continues its attempts to settle back above the support at 43,500 – 43,600. If Dow Jones settles above the 43,600 level, it will move towards the resistance at 44,000 – 44,100.

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