NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Are Mostly Flat As Traders Wait For Catalysts

SP500

SP500 is flat as traders react to the Richmond Fed Manufacturing Index report. The report indicated that Richmond Fed Manufacturing Index decreased from -21 in September to -14 in October, compared to analyst consensus of -18. Consumer Defensive stocks were among the biggest gainers in the SP500 index today. It looks that traders want to reduce their risks near all-time highs. Energy stocks have also managed to gain momentum as traders focused on the rally in the oil markets. Treasury yields moved higher as bond traders bet on a less dovish Fed, but this move did not put material pressure on stocks.

SP500 needs to settle above the resistance at 5870 – 5880 to gain additional upside momentum in the near term. On the support side, a move below the 50 MA at 5844 will open the way to the test of the support level at 5800 – 5810.

NASDAQ

NASDAQ managed to gain some ground in today’s trading session, although traders were not ready to increase their positions in tech stocks. Super Micro Computer, Advanced Micro Devices and Intel were among the biggest losers in the NASDAQ index today.

A move above the 20,500 level will push NASDAQ towards the resistance at 20,700 – 20,800. On the support side, a move below the 50 MA at 20,300 will open the way to the test of the support at 20,000 – 20,100.

Dow Jones

Dow Jones was mostly flat in quiet trading. Verizon, which was down by 4.5%, was the worst performer in the Dow Jones index today. The stock found itself under pressure as traders reacted to the company’s earnings report.

In case Dow Jones settles above the 50 MA at 42,932, it will move towards the nearest resistance level at 43,100 – 43,200. On the support side, the nearest support level for Dow Jones is located in the 42,600 – 42,700 range.

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