SPX

NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As NVIDIA Pulls Back 3.2%

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SP500

SP500 210624 4h Chart

SP500 is losing some ground as traders react to the flash readings of S&P Global PMI reports for June. Manufacturing PMI increased from 51.3 in May to 51.7 in June, compared to analyst consensus of 51. Services PMI grew from 54.8 to 55.1, compared to analyst forecast of 53.7. Numbers above 50 show expansion. The reports showed that U.S. economy remained in a great shape. Fed may be more hawkish if the economy continues to grow at a robust pace, but it looks that traders are not worried about Fed policy outlook. Today, traders also had a chance to take a look at the Existing Home Sales report for May. The report indicated that Existing Home Sales declined by 0.7% on a month-over-month basis, compared to analyst consensus of -0.3%. Today’s pullback was driven by tech stocks, which is not surprising as traders decided to take some profits off the table ahead of the weekend.

The technical picture for SP500 remains bullish. The index did not get to the test of the nearest support level at 5440 – 5450 and is trying to settle back above the 5480 level. In case this attempt is successful, it will head towards the resistance, which is located at the recent highs at 5520 – 5530.

NASDAQ

NASDAQ 210624 4h Chart

NASDAQ is losing some ground amid profit-taking. Traders continue to sell high-flying stocks like NVIDIA and Micron.

Currently, NASDAQ is trying to stay above the 50 MA at 19,721. In case this attempt is successful, it will head towards the resistance at 20,000 – 20,100.

Dow Jones

Dow Jones 210624 4h Chart

Dow Jones is mostly flat as traders react to PMI data. The number of losers is almost equal to the number of gainers in the Dow Jones index today.

From the technical point of view, Dow Jones settled above the support at 39,000 – 39,100 and is trying to gain additional upside momentum. A move above the 39,300 level will push Dow Jones towards the next resistance level at 39,700 – 39,800.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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