NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Gains Ground As Boeing Jumps 3.5%

SP500

SP500 is moving higher as traders focus on the better-than-expected PMI reports. Manufacturing PMI increased from 48.5 in October to 48.8 in November, compared to analyst forecast of 48.8. Services PMI grew from 55.0 to 57.0, compared to analyst consensus of 55.2. The strong services sector serves as the key driver for the U.S. economy. Today, traders also had a chance to take a look at the final reading of Michigan Consumer Sentiment report. The report showed that Consumer Sentiment increased from 70.5 in October to 71.8 in November, compared to analyst forecast of 73.7. Most market sectors moved higher in today’s trading session as traders reacted to strong economic reports. However, tech stocks found themselves under pressure.

The nearest resistance level for SP500 is located in the 5980 – 5990 range. A move above the 5990 level will push SP500 towards the next resistance at 6020 – 6030.

NASDAQ

NASDAQ remains stuck near the resistance at 20,700 – 20,800 as traders wait for additional catalysts that could push tech stocks higher. NVIDIA and Alphabet are among the biggest losers in the NASDAQ index today.

In case NASDAQ manages to settle above the 20,800 level, it will head towards the next resistance level, which is located in the 21,100 – 21,200 range.

Dow Jones

Dow Jones gains ground, supported by the rally in Boeing shares. Boeing gained 3.5% as traders bet on a rebound from yearly lows.

Dow Jones has recently moved above the resistance at 43,800 – 43,900 and is trying to settle above the 44,200 level. In case this attempt is successful, Dow Jones will head towards the next resistance level at 44,400 – 44,500. On the support side, a move below the 44,000 level will push Dow Jones back towards the previous resistance at 43,800 – 43,900.

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