SPX

NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Lows As Palo Alto Networks Dives 27%

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SP500

SP500 210224 4h Chart

SP500 is losing some ground as traders wait for the release of FOMC Minutes. Treasury yields are moving higher as bond traders bet on a more hawkish Fed. The yield of 2-year Treasuries settled near the 4.65% level, while the yield of 10-year Treasuries climbed above 4.30%. Energy stocks are among the leaders today as traders focus on the strong rally in natural gas markets and the rebound in the oil markets. Tech stocks remain under strong pressure as traders continue to take profits off the table.

From the technical point of view, SP500 is stabilizing near the support in the 4960 – 4970 range. In case SP500 settles below the 4960 level, it will head towards the resistance at 4990. On the upside, a move above the 4970 level will open the way to the test of the resistance at 4990 – 5000.

NASDAQ

NASDAQ 210224 4h Chart

NASDAQ tests new lows as the pullback in tech stocks continues. Palo Alto Networks, which is down by 27%, is the worst performer in the NASDAQ index today. The stock dived as the company announced a major shift in its strategy and slashed its financial guidance. NVIDIA was down by 3.6% as traders reduced their risks ahead of the earnings report, which would be released today, after market close.

In case NASDAQ stays below the 17,450 level, it will move towards the next support level, which is located in the 17,150 – 17,200 range.

Dow Jones

Dow Jones 210224 4h Chart

Dow Jones is losing some ground in a choppy trading session. Traders are not ready for big moves ahead of FOMC Minutes.

Dow Jones made an attempt to settle below the 38,500 level, but this attempt yielded no results. In case Dow Jones climbs back above the 50 MA at 38,573, it will have a chance to gain sustainable upside momentum.

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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