NASDAQ Index, SP500, Dow Jones Forecasts – Choppy Trading Ahead Of Tomorrow’s CPI Reports

Key Insights

• SP500 managed to climb back above the 4400 level. 
• NASDAQ pulls back amid profit-taking. 
• Dow Jones gains some ground as Boeing stock gains 4.4%. 

SP500

SP500 is mostly flat as traders are cautious ahead of the CPI reports, which will be released tomorrow. Analysts expect that Inflation Rate declined from 3.7% in September to 3.3% in October, while Core Inflation Rate remained unchanged at 4.1%. Energy stocks are among the biggest gainers today as traders react to the moves in the oil markets. Oil prices continue to rebound from recent lows as traders focus on the encouraging OPEC reports and wait for the new sanctions on Russian oil, which could be revealed by the EU this week.

SP500 settled above the resistance at 4400, but it remains to be seen whether it will be able to gain additional upside momentum ahead of the important CPI reports. RSI remains in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is losing some ground as traders wait for CPI data. NASDAQ has enjoyed a strong rally from October lows, so it’s not surprising to see that some traders are willing to take profits off the table ahead of the important economic reports.

From the technical point of view, NASDAQ settled above the resistance at 15,200 – 15,300. A move above the 15,500 level will open the way to the test of the resistance at 15,800 – 15,900.

Dow Jones

Dow Jones is moving higher in quiet trading. Boeing stock, which is up by more than 4%, provides material support to the Dow Jones index today.

In case Dow Jones climbs above the 34,400 level, it wil continue to move towards the next resistance, which is located in the 34,650 – 34,800 range.

For a look at all of today’s economic events, check out our economic calendar.