23.01.202513:01 Forex Analysis & Reviews: Stock Market: S&P 500 and NASDAQ Pull Back from Yearly Highs

After reaching new yearly highs, U.S. stock indices have pulled back slightly. Futures on the S&P 500 lost about 0.1% and continue to trade in the red, while the tech-heavy NASDAQ is down 0.2%. The Dow Jones Industrial Average remains flat. Meanwhile, futures on the Euro Stoxx 50 dropped by 0.2%, while the MSCI Asia Pacific Index rose for the fourth consecutive session, marking its longest winning streak in nearly a month. Gains were driven by mainland Chinese stocks, with the CSI 300 Index rising as much as 1.8%.

Demand for the S&P 500 has softened slightly, but the decline remains within the bounds of a correction. The main target for buyers today will be to defend the $6069 level. This would help maintain the uptrend and pave the way for a move toward $6079.

Another key priority for bulls is to secure control above $6092, which would further strengthen their position. In the event of a pullback due to waning risk appetite, buyers must defend $6069. A break below this level would likely push the index back to $6058, opening the door to further declines toward $6047.