NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Gains Ground As Salesforce Rallies 4.5%

SP500

SP500 gains ground as traders react to the better-than-expected Initial Jobless Claims report. The report indicated that 213,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 220,000. Today, traders also focused on the Existing Home Sales report for October. The report showed that Existing Home Sales increased by 3.4% month-over-month, compared to analyst forecast of +0.8%. Philadelphia Fed Manufacturing Index decreased from 10.3 in October to -5.5 in November, missing analyst estimates. Most market sectors gained ground in today’s trading session. Industrials and financial stocks were among the biggest gainers in the SP500 index.

Currently, SP500 is trying to settle above the 5960 level. In case this attempt is successful, SP500 will move towards the nearest resistance level at 5980 – 5990.

NASDAQ

NASDAQ managed to gain some ground despite the strong pullback in Alphabet stock. The company’s shares are down by 5.3% as U.S. Justice Department wants Google to sell Chrome.

NASDAQ continues its attempts to settle above the nearest resistance level at 20,700 – 20,800. If NASDAQ manages to settle above the 20,800 level, it will move towards the next resistance level at 21,100 – 21,200.

Dow Jones

Dow Jones gained upside momentum, supported by the strong performance of Salesforce and IBM stocks. Most stocks in the Dow Jones index managed to gain ground in today’s trading session, although Amazon and Boeing found themselves under significant pressure.

Dow Jones moved above the 50 MA at 43,654 and is trying to settle above the resistance at 43,800 – 43,900. In case this attempt is successful, Dow Jones will head towards the next resistance level, which is located in the 44,400 – 44,500 range. RSI is in the moderate territory, so there is enough room to gain additional upside momentum in the near term.

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