NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Retreats Ahead Of Micron’s Earnings
Precious metals markets have suffered a strong sell-off as traders focused on strong dollar and hawkish Fed policy outlook. Gold pulled back by -3%, while silver collapsed by -7.5%.
Today, traders also focused on the New Home Sales report for May. The report indicated that New Home Sales decreased by -7.3% month-over-month, compared to analyst forecast of +2.9%.
Not surprisingly, energy stocks were among the biggest losers today as traders focused on the strong pullback in the oil markets. Basic materials stocks have also found themselves under strong pressure. Healthcare and consumer stocks gained ground amid rising demand for safe-haven assets.
SP500 continues its attempts to settle below the support at 7370 – 7380. In case SP500 manages to settle below the 7370 level, it will head towards the next support, which is located in the 7290 – 7300 range. RSI remains in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term.