S&P500 is flat as traders focus on the upcoming U.S. elections. NASDAQ made an attempt to settle below the 20,000 level. Dow Jones found itself under pressure at the start of the week.
The S&P 500 remained largely flat as traders refrained from making significant moves ahead of the U.S. presidential election. Despite a pullback in Treasury yields, this did not provide much support to equities. Economic data released today, including the September Factory Orders report, showed a 0.5% month-over-month decline, slightly worse than the consensus estimate of -0.4%.
Energy stocks led the market, benefiting from a rally in oil prices. OPEC+ decided to delay its planned production increase, a move seen as supportive for oil prices, which in turn boosted energy sector performance.
The S&P 500 is currently testing support in the 5735-5750 range. If this level holds, the index could slide toward the next support zone around 5675-5685. The Relative Strength Index (RSI) is in neutral territory, suggesting there’s room for further momentum should the right catalysts appear.
The NASDAQ is trading flat as traders await the key event of the week. Micron, up 2.8%, is leading the index’s gains today, with traders taking advantage of the recent dip in its stock to boost their long positions.
Recently, the NASDAQ attempted to break below the support range of 20,000 to 20,100. If the index manages to close below this level, it could target the next support zone around 19,500 to 19,600.
The Dow Jones is facing downward pressure today, with most of its components moving lower, particularly led by declines in Dow and Intel stocks.
If the index falls below the 41,700 level, it could target the next support range at 41,400 to 41,500. On the upside, a break above 42,000 would open the door to resistance levels between 42,100 and 42,200.
For a full list of today’s economic events, be sure to check out our economic calendar.
When considering shares, indices, forex (foreign exchange) and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and could result in capital loss.
Past performance is not indicative of any future results. This information is provided for informative purposes only and should not be construed to be investment advice.
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