SP500 pulls back as traders take some profits off the table after the strong rally. Today, traders had a chance to take a look at the Existing Home Sales report, which showed that Existing Home Sales declined by 4.1% month-over-month in October. Analysts expected that Existing Home Sales would drop by 1.3%, so the report missed expectations. FOMC Minutes will be released soon, and it looks that some traders are willing to take profits ahead of the release of this report. FOMC Minutes may have a significant impact on stock market dynamics as they will provide additional insight on Fed’s thinking.
In case SP500 manages to settle below the 4500 level, it will head towards the nearest material support level, which is located in the 4460 – 4475 range.
NASDAQ retreats amid profit-taking. Tesla, which is up by 2.5%, is the only notable gainer in the NASDAQ index today. From the big picture point of view, the current pullback looks healthy after a strong rally.
The nearest support level for NASDAQ is located in the 15,800 – 15,900 range. In case NASDAQ manages to settle back below the 15,800 level, it will move towards the next support at 15,200 – 15,350.
Dow Jones is losing some ground amid a broad pullback in the equity markets. Intel, which is down by 2.5%, is the biggest loser in the Dow Jones index today. The stock found itself under pressure as traders decided to take some profits after a strong rally.
If Dow Jones pulls back below the 35,000 level, it will move towards the nearest support, which is located in the 34,650 – 34,800 range.
For a look at all of today’s economic events, check out our economic calendar.