US equities broadly closed lower on Tuesday, NASDAQ ekes out a small gain as investors blink

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  • US equity indexes closed mostly in the red as the risk rally draws to a close.
  • Risk appetite is struggling in the week following last Friday’s 2024.
  • 2023’s last-quarter rally drew to a close as equities struggle in January.

US major equity indexes closed mostly lower on Tuesday with tech stocks leading the charge down the charts, though the NASDAQ composite index managed to squeeze out a minor gain while the rest of the indexes declined heading into a hefty midweek reporting window.

Tuesday saw 113 companies drop earnings reports either throughout the day or after the closing bell, but investors are broadly twisting in place, pulling back slightly from equities ahead of Thursday’s US Consumer Price Index (CPI) inflation print.

Investors were knocked off increased expectations of a faster pace of rate cuts from the Federal Reserve (Fed) after last Friday’s Nonfarm Payrolls (NFP) saw drastic downside revisions to previous prints despite a bumper reading for the most recent dataset, and market bets of the first Fed rate cut coming as soon as March are beginning to recede.

The Dow Jones Industrial Average (DJIA) fell 0.42% on Tuesday, shedding 157.85 points to close at $37,525.16, while the Standard & Poor’s major equity index fell 7.04 points to close down 0.15% at $4,756.50.

The Russell 2000 equity index slid a full percentage point, losing nearly 21 points to close at $1,98.04. The NASDAQ composite, meanwhile, bucked the trend to end Tuesday up a scant 0.09%, climbing just under 14 points to end the day at $14,857.71.

S&P 500 Technical Outlook

The S&P 500 skidded to a halt after Monday’s hopeful gains, getting hung up on the 200-hour Simple Moving Average (SMA) near $4,755, and near-term momentum is draining away as investors get snagged near $4,760.

Despite near-term declines, the S&P 500 remains well-bid, trading just below the $4,800 handle on daily candlesticks and remains up over 16% from late October’s bottom bids near $4,100.

S&P 500 Hourly Chart

S&P 500 Technical Levels

SP 500

Overview
Today last price 4753.34
Today Daily Change -6.91
Today Daily Change % -0.15
Today daily open 4760.25
 
Trends
Daily SMA20 4727.6
Daily SMA50 4571.05
Daily SMA100 4466.93
Daily SMA200 4386.02
 
Levels
Previous Daily High 4762.08
Previous Daily Low 4676.8
Previous Weekly High 4782.07
Previous Weekly Low 4662.84
Previous Monthly High 4794.65
Previous Monthly Low 4542.87
Daily Fibonacci 38.2% 4729.5
Daily Fibonacci 61.8% 4709.38
Daily Pivot Point S1 4704.01
Daily Pivot Point S2 4647.76
Daily Pivot Point S3 4618.73
Daily Pivot Point R1 4789.29
Daily Pivot Point R2 4818.32
Daily Pivot Point R3 4874.57

 

 

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