NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Some Ground Amid Rising Demand For Chip Stocks

SP500

SP500 is flat amid lack of catalysts. Traders are waiting for PPI data, which will be released tomorrow. Analysts expect that PPI increased by 0.1% month-over-month in July. Core PPI is expected to grow by 0.2%. On a year-over-year basis, Core PPI is projected to increase by 3%. The reports may have a significant impact on the market as traders prepare for the start of the rate cut cycle. In case reports show that producer prices inflation is higher than expected, stocks may find themselves under pressure. It should be noted that CPI data will be released on Wednesday, so volatility will increase in the upcoming trading sessions.

If SP500 manages to climb above the 5350 level, it will move towards the nearest resistance at 5400 – 5420. On the support side, a move below the support at 5310 – 5325 will push SP500 towards the next support level, which is located in the 5220 – 5240 range.

NASDAQ

NASDAQ continues its attempts to settle above the resistance at 18,500 – 18,600 amid lack of strong catalysts. Super Micro Computer, NVIDIA, and Advanced Micro Devices are among the biggest gainers in the NASDAQ index today. Demand for chip stocks remains strong, which is bullish for NASDAQ.

In case NASDAQ settles above the 18,600 level, it will head towards the resistance at 19,500 – 19,600. On the support side, a move below the 50 MA at 18,420 will open the way to the test of the support at 18,000 – 18,100.

Dow Jones

Dow Jones is losing ground as traders take some profits off the table after the recent rebound. Procter & Gamble, which is down by 2.1%, is the worst performer in the Dow Jones index today.

In case Dow Jones settles below the 39,300 level, it will head towards the support at 39,000 – 39,100. A move below the 39,000 level will push Dow Jones towards the next support level, which is located in the 38,300 – 38,400 range.

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