NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Micron Soars 7.4%

SP500

SP500 gained ground as traders reacted to inflation reports. Inflation Rate decreased from 3% in January to 2.8% in February, compared to analyst forecast of 2.9%. Core Inflation Rate declined from 3.3% to 3.1%, while analysts expected that it would drop to 3.2%. Interestingly, Treasury yields moved higher despite better-than-expected inflation data. However, this move did not put any pressure on SP500.  Tech stocks were among the biggest gainers in the SP500 index today. Meanwhile, consumer defensive and healthcare stocks found themselves under pressure as demand for safe-haven assets declined.

SP500 settled above the support level at 5590 – 5600 and is trying to gain additional upside momentum. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 5685 – 5695 range.

NASDAQ

NASDAQ continued its attempts to settle above the resistance at 19,600 – 19,650 amid rising demand for tech stocks. Micron, which is up by 7.4%, is the biggest gainer in the NASDAQ index today. The stock rallied as traders rushed to buy chip stocks. NVIDIA was also among the biggest gainers in the NASDAQ index.

A successful test of the resistance at 19,600 – 19,650 will push NASDAQ towards the next resistance level, which is located in the 20,200 – 20,250 range.

Dow Jones

Dow Jones moved lower as demand for consumer defensive and healthcare stocks declined. Procter & Gamble, which was down by 2.7%, was the worst performer in the Dow Jones index today. Walmart, McDonald’s, and Johnson & Johnson were among the biggest losers in today’s trading session.

From the technical point of view, Dow Jones settled between the support at 41,100 – 41,200 and the resistance at 41,700 – 41,800. Dow Jones needs to climb above the 41,800 level to have a chance to gain sustainable upside momentum in the near term.

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