NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Is Flat As Traders Prepare For U.S. Elections

SP500

SP500 is mostly flat as traders are not ready for big moves ahead of U.S. elections. Treasury yields pulled back, but this move did not provide material support to stocks. Today, traders had a chance to take a look at the Factory Orders report for September. The report showed that Factory Orders decreased by 0.5% month-over-month, compared to analyst consensus of -0.4%. Energy stocks were among the leaders in today’s trading session as traders focused on the rally in the oil markets. OPEC+ decided to delay its production hike to provide additional support to oil prices, which was bullish for energy stocks.

Currently, SP500 is trying to settle below the support at 5735 – 5750. In case this attempt is successful, SP500 will head towards the next support level, which is located in the 5675 – 5685 range. RSI is in the moderate territory, and there is plenty of room to gain additional momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is flat as traders wait for the key event of the week. Micron, which is up by 2.8%, is the biggest gainer in the NASDAQ index today. Traders used the recent pullback in Micron stock as an opportunity to increase their long positions.

NASDAQ has recently made an attempt to settle below the support at 20,000 – 20,100. In case NASDAQ manages to settle below this level, it will head towards the next support level, which is located in the 19,500 – 19,600 range.

Dow Jones

Dow Jones  has found itself under pressure as most components in the index moved lower. The pullback was led by Dow and Intel stocks.

In case Dow Jones declines below the 41,700 level, it will head towards the nearest support at 41,400 – 41,500. On the upside, a move above the 42,000 level will push Dow Jones towards the resistance at 42,100 – 42,200.

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