NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Retreat On Last Trading Day Of 2024

SP500

SP500 is losing ground as pullback continues. The pullback is driven by tech stocks, which are among the biggest losers in the SP500 today. Communication services, utilities, and consumer cyclical stocks have also found themselves under pressure in today’s trading session. Meanwhile, energy stocks gain ground as traders focus on rising oil markets. Today, traders had a chance to take a look at Case-Shiller Home Price Index report for October. The report showed that home prices decreased by 0.2% month-over-month, in line with analyst estimates. On a year-over-year basis, home prices increased by 4.2%, compared to analyst forecast of 4.1%. From a big picture point of view, the dynamics of tech stocks have served as the key driver for SP500 in recent trading sessions.

SP500 has managed to settle below the support at 5910 – 5920 and is trying to settle below the 5890 level. In case this attempt is successful, SP500 will head towards the next support, which is located in the 5830 – 5840 range.

NASDAQ

NASDAQ is losing ground as tech stocks remain under pressure. Microstrategy, NVIDIA, and Advanced Micro Devices are among the biggest losers in the NASDAQ index today.

Currently, NASDAQ is trying to settle below the support at 21,100 – 21,200. In case this attempt is successful, NASDAQ will move toward the next support level at 20,750 – 20,800. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones is losing some ground amid broad pullback in the equity markets. NVIDIA and Apple are the biggest losers in the Dow Jones index today.

Dow Jones faced strong resistance at 42,700 – 42,800 and is trying to settle below the 42,400 level. In case this attempt is successful, Dow Jones will test the nearest support at 42,100 – 42,200.

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