NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Moves Higher Ahead Of The Weekend

SP500

SP500 gained some ground as traders reacted to Producer Prices report, which showed that PPI increased by 0.3% month-over-month in January, compared to analyst consensus of 0.1%. Core PPI grew by 0.5%, while analysts expected that it would grow by 0.1%. Treasury yields moved higher as bond traders reacted to the higher-than-expected PPI reports. Interestingly, this move did not put pressure on SP500, and general market sentiment remained bullish. Housing Starts declined by 14.8% month-over-month in January, while Building Permits fell by 1.5%. Both reports missed analyst estimates. Today, traders also focused on the preliminary reading of Michigan Consumer Sentiment report, which indicated that Consumer Sentiment improved from 79 in January to 79.8 in February.

From the technical point of view , SP500 received strong support near the 5000 level and is heading towards the recent highs near 5050. A move above this level will provide SP500 with an opportunity to gain additional upside momentum.

NASDAQ

NASDAQ is mostly flat as traders stay focused on profit-taking in tech stocks. Rising Treasury yields have also put some pressure on the NASDAQ index in today’s trading session.

Traders stay bullish, and NASDAQ has quickly rebounded from the support at 17,650 – 17,700. In case NASDAQ stays above the 17,800 level, it will head towards the resistance at 18,000 – 18,050.

Dow Jones

Dow Jones gained some ground despite the pullback in Nike stock, which was down by 2.5%. Nike announced that it would lay off 2% of its workforce, raising worries about demand for the company’s products.

Dow Jones received strong support near the 50 MA at 38,595 and is moving towards the recent highs at 38,929.

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