NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As Micron Dives 7%

Today, traders had a chance to take a look at the NAHB Housing Market Index report. The report showed that NAHB Housing Market index improved from 34 in April to 37 in May, compared to analyst forecast of 35.

NAHB commented: “The housing market remains soft as higher mortgage rates, rising gas prices and economic uncertainty related to the war in Iran continue to dampen buyer demand.”

Treasury yields pulled back from session highs as some traders were ready to buy Treasuries after the strong sell-off. However, yields remained elevated. The yield of 10-year Treasuries settled near the 4.60% level, while the yield of 30-year Treasuries settled near 5.13%.

Energy stocks were among the biggest gainers today as traders focused on rising natural gas markets. Tech stocks found themselves under strong pressure amid profit-taking.

The nearest support level for SP500 is located in the 7350 – 7360 range. In case SP500 manages to settle below the 7350 level, it will head towards the next support at 7250 – 7260.

On the upside, SP500 needs to settle above the 50 MA at 7408 to gain upside momentum in the near term. A move above this 50 MA will push SP500 towards the resistance at 7425 – 7435.