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SP500 found support near the 4335 level and is trying to rebound. The minor pullback in Treasury yields provided some support to major indices in today’s trading session, although it remains to be seen whether SP500 will be able to gain sustainable upside momentum. There were no important economic reports scheduled to be released today, so traders were mostly focused on general market sentiment. SP500 is down by more than 5% from the highs that were reached in July, so some traders want to use the pullback as an opportunity to estabilish long positions at attractive levels.
In case SP500 stays above the 4350 level, it will head towards the nearest resistance, which is located in the 4430 – 4450 range.
NASDAQ is also trying to rebound as traders buy tech stocks after the significant pullback. RSI has recently moved back into the moderate territory but remains close to the oversold territory.
If NASDAQ settles above the 14,680 level, it will have a good chance to gain additional upside momentum and move towards the 50 MA at 15,050. A move above the 50 MA will push NASDAQ towards the resistance at 15,200 – 15,300.
Dow Jones
Dow Jones settled near the support at 34,500 as traders waited for additional catalysts. Today’s trading session was calm, and there were no major gainers or losers in the Dow Jones index.
In case Dow Jones settles below 34,500, it will head towards the next support level at 33,600 – 33,700. On the upside, a move above 34,600 will open the way to the test of the resistance at 35,000 – 35,100.
For a look at all of today’s economic events, check out our economic calendar.
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