NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Moves Lower As McDonald’s Pulls Back By 2.8%

SP500

SP500 gained some ground as traders reacted to the better-than-expected Durable Goods Orders report. The report showed that Durable Goods Orders declined by 0.8% month-over-month in September, compared to analyst consensus of -1%. Durable Goods Orders Ex Transp increased by 0.4%, while analysts expected that they would decline by 0.1%. Today, traders also focused on the final reading of Michigan Consumer Sentiment report, which has exceeded analyst expectations. Tech stocks were among the biggest gainers in the SP500 index today, while utilities and financial stocks have found themselves under pressure.

If SP500 climbs above the 50 MA at 5845, it will move towards the nearest resistance level at 5870 – 5880. On the support side, a successful test of the support at 5800 – 5810 will open the way to the test of the next support level, which is located in the 5735 – 5750 range.

NASDAQ

NASDAQ gained ground amid rising demand for tech stocks. Super Micro Computer, GlobalFoundries, and Intel were among the biggests gainers in the NASDAQ index today.

In case NASDAQ manages to settle above the recent highs at 20,579, it will get to the test of the nearest resistance level at 20,700 – 20,800. On the support side, a move below the 50 MA at 20,278 will push NASDAQ towards the support at 20,000 – 20,100.

Dow Jones

Dow Jones  is losing ground as financial and consumer defensive stocks are moving lower. McDonald’s, which is down by 2.8%, is the worst performer in the Dow Jones index today.

Currently, Dow Jones is trying to settle below the support level at 42,100 – 42,200. In case this attempt is successful, Dow Jones will move towards the next support level, which is located in the 41,400 – 41,500 range. RSI has recently moved into the oversold territory, but there is some room to gain momentum in case the right catalysts emerge.

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