NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Super Micro Computer Soars 31.6%

SP500

SP500 tests new highs as traders react to the ISM Manufacturing PMI report, which indicated that ISM Manufacturing PMI improved from 46.5 in October to 48.4 in November. The report beat analyst forecast of 47.5. Today, traders also focused on the final reading of the S&P Global Manufacturing PMI report. The report showed that S&P Global Manufacturing PMI increased from 48.5 in October to 49.7 in November, compared to analyst consensus of 48.8. Numbers below 50 show contraction. It should be noted that most market sectors moved lower in today’s trading session, but the strong performance of tech stocks provided material support to SP500.

In case SP500 stays above the resistance at 6020 – 6030, it will head towards the 6100 level. RSI is close to the overbought territory, but there is enough room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ gains ground as Super Micro Computer is up by 31.6% after the company said that the independent review found no evidence of fraud. Super Micro Computer will search for a new CFO. Other tech stocks have also gained strong upside momentum in today’s trading session.

Currently, NASDAQ is trying to settle above the resistance at 21,100 – 21,200. In case this attempt is successful, NASDAQ will head towards the 21,500 level.

Dow Jones

Dow Jones is losing ground as traders take some profits off the table near historic highs. The trading session was calm, and there were no big gainers or losers in the Dow Jones index today.

From the technical point of view, Dow Jones is stuck below the resistance at 44,900 – 45,000. A move above the psychologically important 45,000 level will provide Dow Jones with an opportunity to gain additional upside momentum.

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