NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats As SpaceX Pulls Back

Current Economic Conditions decreased from 54.8 in July to 51.8 in August, while Index of Consumer Expectations pulled back from 55.4 to 50.6.

Year-ahead inflation expectations increased from 4.2% in July to 4.3% in August. Long-run inflation expectations remained unchanged at 3.3%.

Treasury yields moved higher as bond traders focused on rising oil prices. The yield of 2-year Treasuries settled above the 4.17% level, while the yield of 10-year Treasuries moved towards 4.70%. Rising Treasury yields put some pressure on SP500 today.

Energy stocks were among the biggest gainers today as traders focused on rising oil markets. Basic materials stocks have also gained upside momentum in today’s trading session. Tech stocks pulled back amid profit-taking.

In case SP500 settles below the 7790 level, it will head towards the 50 MA at 7757. A move below the 50 MA will push SP500 towards the support at 7720 – 7730.

On the upside, a successful test of the resistance at 7790 – 7800 will push SP500 towards the 7850 level.