NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Rebounds As Morgan Stanley Rallies 6.2%

SP500

SP500 gains ground as traders focus on Morgan Stanley‘s report. The company’s shares are up by 6.2% as Morgan Stanley’s profit increased by 32%. The strong performance was driven by the 13% increase in revenue from the trading business. United Airlines and Delta Air Lines are the biggest gainers in the SP500 index today. The stocks rallied as traders reacted to the strong report from United Airlines and focused on the improved outlook for the industry. Interestingly, utilities stocks are among the biggest gainers today as traders focus on falling Treasury yields.

SP500 found support above the 5800 – 5810 level and is trying to climb above the 5850 level. In case this attempt is successful, SP500 will head towards the resistance, which is located at the recent highs at 5870 – 5880.

NASDAQ

NASDAQ managed to rebound from session lows anad is trying to gain additional upside momentum. Chip stocks like Micron, Super Micro Computer and NVIDIA are among the biggest gainers in the NASDAQ index today.

NASDAQ received support in the 20,000 – 20,100 range and is trying to climb above the 20,200 level. In case this attempt is successful, NASDAQ will head towards the recent highs near the 20,500 level. A move above 20,500 will push NASDAQ towards the resistance at 20,700 – 20,800. On the support side, a move below the 20,000 level will open the way to the test of the support at 19,500 – 19,600.

Dow Jones

Dow Jones is heading towards historic highs, supported by the rally in Cisco shares. Most stocks in the Dow Jones index managed to gain some ground in today’s trading session.

The technical picture is bullish as Dow Jones has quickly rebounded from the support at 42,700 and is trying to move above the nearest resistance at 43,100 – 43,200. In case this attempt is successul, Dow Jones will head towards the 43,500 level.

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