NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Tesla Drops 5.1%

SP500

SP500 retreats amid strong sell-off in the tech sector. Super Micro Computer and Tesla are the biggest losers in the SP500 index today. Traders also focused on the Wholesale Inventories report, which showed that Wholesale Inventories decreased by 0.2% month-over-month in November, compared to analyst forecast of +0.2%. Retail Inventories Ex Autos increased by 0.6%, while analysts expected that they would remain unchanged. From a big picture point of view, it looks that traders have started to take profits off the table ahead of the New Year.

Currently, SP500 is trying to settle below the support at 5980 – 5990. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 5910 – 5920 range.

NASDAQ

NASDAQ pulled back amid profit-taking in tech stocks. Microstrategy, which was down by 4.3%, was among the biggest losers in the NASDAQ index today. The stock found itself under pressure as Bitcoin moved towards the $94,000 level.

NASDAQ settled below the support at 21,600 – 21,650 and is trying to settle below the 21,500 level. If NASDAQ stays below 21,500, it will head towards the next support level at 21,100 – 21,200. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

Dow Jones

Dow Jones tests support at 42,700 – 42,800 amid broad pullback in the equity markets. NVIDIA, Microsoft, and Amazon are the biggest losers in the Dow Jones index today.

If Dow Jones manages to settle below the 42,700 level, it will head towards the support at 42,100 – 42,200. On the upside, a move above the 50 MA at 43,026 will open the way to the test of the nearest resistance level, which is located in the 43,200 – 43,300 range.

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