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Both S&P 500 futures and Nasdaq futures are down 0.4% on the day after a bit of a mixed showing yesterday. At the balance, tech shares managed to help keep risk from falling off in the day before. But when you factor in all that has transpired since the US-Iran conflict started, US stocks have not been hurt that badly.The S&P 500 is now down just 1% for the year after the close yesterday. Meanwhile, the Nasdaq is down a little over 2% for the year so far and the Dow also down by slightly over 1%. And even on the charts, you can see that it is a case of bend but don’t break just yet for US stocks.Sure, the upside momentum has been taken away. The Nasdaq already saw that in February on a break of its 100-day moving average (red line). And the latest developments in the Middle East is even seeing a run at the October and November lows, with a test of the 200-day moving average (blue line) as well.That is now the key line in the sand for tech shares. A firm break below that level and the 22,000 mark will set off another big wave of selling. And that could be where the real correction starts for US stocks and big tech in general. The flip of the double top pattern at 24,000 could indicate a reversal back towards the 20,000 mark. That is roughly another 12% drop from where we are now, which will be a significant retracement at least.As for the S&P 500, the war has seen the index break back under its own 100-day moving average (red line) for the first time since May last year. That in itself points to a material shift in the momentum in Wall Street. But just like the Nasdaq, we’re not seeing any further breakdown in the charts just yet.The 200-day moving average (blue line) at around 6,596 is the next crucial point before the October and November lows come in around 6,525-50 next. Those will be important levels to watch if higher oil prices continue to reverberate across broader markets in the days/weeks ahead. From earlier: Oil prices continue to be the tail that is wagging the dog
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
S&P 500 and Nasdaq futures are down 0.4%, and here’s why that matters: The recent dip in futures reflects a broader market sentiment that’s increasingly cautious, especially in tech. While tech shares previously provided some support, the ongoing geopolitical tensions, particularly between the US and Iran, are likely weighing heavily on investor confidence. Traders should be mindful of how these tensions could escalate, impacting not just equities but also related sectors like energy and commodities. If the futures continue to slide, it could trigger stop-loss orders and amplify selling pressure, particularly in tech-heavy ETFs. Look for key support levels in the S&P 500 around the recent lows. If we see a break below those levels, it could signal a more significant downturn. Conversely, if tech shares manage to rally back, that could provide a lifeline for the broader market. Keep an eye on the daily charts for any reversal patterns or volume spikes that might indicate a shift in sentiment. The next few trading sessions will be crucial for gauging whether this dip is a temporary pullback or the start of a more pronounced correction.
📮 Takeaway
Watch for key support levels in the S&P 500; a break below could signal further downside, while a tech rally might stabilize the market.
