Dow and S&P 500 Rise as PCE Data Comes in Hot, Big Tech Declines

The S&P 500 fell 1.5% in the last session, closing below its 20-day moving average. The RSI is in weak territory at 43, while the MACD is below the signal line and trending negative. Hotter-than-expected PCE data could dampen rate cut expectations, and a decline in major technology stocks may pressure the index. With short-term technical indicators weak, the downtrend could persist.

Although the Dow Jones index rose 1.92% in its last close, hot PCE data could weaken expectations for interest rate cuts. With the RSI approaching overbought territory at 67, the MACD is positive but may signal slowing momentum. A decline in major technology stocks could limit the index's overall upside. A new catalyst is needed for the short-term upward movement to continue, so a sideways trend is expected.

The NDX declined 3.6%, pressured by a retreat in major technology stocks and hotter-than-expected PCE data. While the RSI at 38.7 approaches oversold territory, the MACD remains below its signal line and in negative territory, indicating weak short-term momentum. The index is trading below its 20- and 50-day moving averages, further darkening the technical outlook. The hot inflation data may continue to weigh on big tech by reducing expectations for interest rate cuts. Although a near-term recovery appears unlikely, the oversold condition could limit the pace of further declines.

AAPL is in oversold territory with an RSI of 21.7 and has experienced a 6.3% decline in the last 24 hours. The MACD is below the signal line and in negative territory, indicating weak short-term momentum. The price is trading well below the 20- and 50-day moving averages. News headlines indicate that big tech stocks are retreating following hot PCE data, which could add pressure on AAPL. However, oversold conditions and a recovery in indices may lead to a short-term stabilization.