SP500
SP500 270324 4h Chart
SP500 gained ground but did not manage to settle above the 5250 level. Treasury yields are moving lower, providing additional support to SP500. The yield-sensitive utilities and real estate stocks were among the biggest gainers in SP500 today as traders focused on falling Treasury yields. Interestingly, tech stocks have found themselves under pressure amid profit-taking. NVIDIA, which was down by 3%, was among the biggest losers in the SP500 index today. Talking about the biggest gainers, Merck rallied 5% after FDA approved its cardiovascular disease drug.
SP500 has recently made several attempts to settle above the 5250 level, but these attempts yielded no results. In case SP500 starts to move lower, it will likely get some support near the 50 MA at 5210. A move below the 50 MA will push SP500 towards the support level at 5180 – 5190.
NASDAQ
NASDAQ 270324 4h Chart
NASDAQ is losing ground as traders take profits in tech stocks. All eyes are on NVIDIA stock, which has started to move lower after an unsuccessful attempt to get to the test of the psychologically important $1000 level. NVIDIA is up by roughly 80% year-to-date. If the stock continues to move lower in the upcoming trading sessions, traders may rush to take money off the table and trigger a broader sell-off in the tech sector.
In case NASDAQ settles below the 50 MA at 18,200, it will head towards the nearest support level, which is located in the 18,000 – 18,050 range.
Dow Jones
Dow Jones 270324 4h Chart
Dow Jones gains ground, supported by the strong rally in Merck stock. Intel, which is up by 3.2% today, has also provided significant support to the Dow Jones index.
If Dow Jones settles above the 39,600 level, it will head towards the resistance at 39,800 – 39,850.
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.
