NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Tests New Highs After FOMC Minutes

SP500

SP500 gains ground as traders react to FOMC Minutes, which indicated that Fed may pause rate cuts in case inflation starts to move higher. Overall, the Minutes were neutral and did not have a big impact on market dynamics. Today, traders also focused on the CB Consumer Confidence report. The report showed that CB Consumer Confidence increased to 111.7 in November, compared to analyst forecast of 111.3. New Home Sales decreased by 17.3%, while analysts expected that they would fall by 3.6%. Case-Shiller Home Price Index report showed that home prices declined by 0.3% month-over-month in September. Utilities and consumer defensive stocks were among the biggest gainers, which indicates that traders increased their positions in safe-haven assets.

If SP500 climbs above the resistance at 6020 – 6030, it will head towards the 6050 level. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.

NASDAQ

NASDAQ gained some ground but did not manage to gain strong momentum. Super Micro Computer, which was down by 9%, was the biggest loser in the NASDAQ index today.

If NASDAQ stays above the 20,800 level, it will head towards the nearest resistance at 21,100 – 21,200. On the support side, a successful test of the support at 20,700 – 20,800 will push NASDAQ towards the next support at 20,000 – 20,100.

Dow Jones

Dow Jones is moving higher as traders stay bullish. Rising demand for stocks from consumer defensive and consumer cyclical sectors provided material support to the Dow Jones index today.

If Dow Jones manages to settle above the 44,800 level, it will gain additional upside momentum and get to the test of the psychologically important 45,000 level. A move above 45,000 will push Dow Jones towards the 45,500 level.

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