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SP500 remains under pressure as traders stay focused on geopolitical developments. The pullback is broad, and the majority of market segments are under pressure. The sell-off is led by tech stocks, which is not surprising as investors rush to reduce their risks ahead of the weekend. Treasury yields pulled back from recent highs, but this move did not provide any support to SP500.
In case SP500 stays below the 4260 level, it will head towards the next support, which is located in the 4200 – 4215 range.
NASDAQ is losing ground amid a strong sell-off in the tech stock segment. Tesla, which is down by 3% today, continues to move lower after the disappointing earnings report.
RSI has recently entered into the oversold territory, so the risks of a rebound are increasing. However, there’s enough room to gain downside momentum in case the right catalysts emerge. If NASDAQ settles below 14,560, it will head towards the support at 14,200 – 14,300.
Dow Jones
Dow Jones is losing ground amid a broad pullback in major indices. Defensive stocks enjoy some support today, but it is not sufficient to provide support to the Dow Jones Index.
Dow Jones is also oversold, so it will likely get material support in the 33,000 – 33,100 range. If Dow Jones manages to stay above the 33,200 level, it will have a decent chance to move back towards the nearest resistance, which is located in the 33,600 – 33,700 range.
For a look at all of today’s economic events, check out our economic calendar.
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