NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Pull Back On Profit-Taking

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SP500 280224 4h Chart

SP500 is losing some ground as traders continue to take profits in tech stocks. Real Estate stocks are among the best performers in the SP500 today as Treasury yields are moving lower. Today, traders had a chance to take a look at GDP Growth Rate report, which indicated that GDP Growth Rate was 3.2% in the fourth quarter. The report missed analyst expectations but did not have a big impact on stock market dynamics. At this point, traders are trying to evaluate whether profit-taking in the tech sector will turn into a real wave of selling. NVIDIA stock moved away from historic highs but there was no sell-off, which shows that demand for AI stocks remains extremely strong.

From the technical point of view, SP500 did not manage to get to the test of the support at 5040 – 5050. In case SP500 climbs back above the 5080 level, it will move towards the resistance, which is located at the recent highs at 5100 – 5110.


NASDAQ 280224 4h Chart

NASDAQ pulled back as traders took some profits off the table in tech stocks. Alphabet, which was down by 2%, was among the biggest losers in the NASDAQ index today. European media groups hit Google with a $2.3 billion lawsuit due to the company’s practices in digital advertising. The media groups argue that Google abused its dominant position in the market.

In case NASDAQ stays below the 17,900 level, it will move towards the 50 MA at 17,796. A move below the 50 MA will open the way to the test of the next support level at 17,450 – 17,500.

Dow Jones

Dow Jones 280224 4h Chart

Dow Jones rebounded from session lows but remained in the negative territory. The sell-off in UnitedHealth Group stock was the key driver for today’s pullback. The stock was down by 4.6% amid reports of an antitrust investigation.

If Dow Jones settles below the 50 MA at 38,830, it will head towards the support at 38,500 – 38,550.

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

This article was originally posted on FX Empire


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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