NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Are Flat As Traders Wait For Catalysts

SP500

SP500 is flat in quiet trading as traders wait for additional catalysts. Today, traders had a chance to take a look at NY Empire State Manufacturing Index report. The report showed that NY Empire State Manufacturing Index increased from -20.0 in March to -8.1 in April, compared to analyst forecast of -14.5. The report did not have a material impact on market dynamics as traders waited for tariff news. Treasury yields moved lower as bond markets continued to recover after the recent sell-off. However, this move did not provide material support to equity markets. Financial and utilities stocks were among the biggest gainers in the SP500 index today, while consumer cyclical and healthcare stocks have found themselves under pressure.

Currently, SP500 is trying to settle back below the support at 5390 – 5400. In case this attempt is successful, SP500 will move towards the next support level, which is located in the 5280 – 5290 range.

NASDAQ

NASDAQ is also flat as traders are not ready for big moves after recent volatility. From a big picture point of view, traders wait for news on U.S. – China trade war.

In case NASDAQ settles below the 18,800 level, it will move towards the nearest support level at 18,500 – 18,550. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones remains stuck near the resistance at 40,500 – 40,600 amid lack of catalysts. There are no big gainers or losers in the Dow Jones index today.

If Dow Jones manages to settle above the 40,600 level, it will head towards the next resistance at 41,400 – 41,500. In case the index pulls back below the 40,000 level, it will move towards the support level, which is located in the 39,300 – 39,400 range.

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