NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Mixed As Traders Focus On Consumer Confidence Data

SP500

SP500 is mostly flat as traders react to economic reports. CB Consumer Confidence decreased from 98.3 in February to 92.9 in March, compared to analyst forecast of 94. Consumer Confidence is under pressure amid tariff uncertainty. Today, traders also had a chance to take a look at Case-Shiller Home Price index report for January. The report showed that home prices increased by +4.7% year-over-year, compared to analyst forecast of +4.8%. New Home Sales grew by +1.8% month-over-month in February, while analysts expected that they would increase by +0.5%. Healthcare and utilities stocks have found themselves under pressure, while communication and energy shares moved higher.

SP500 remains stuck below the nearest resistance at 5800 – 5810. If SP500 settles above the 5810 level, it will head towards the next resistance at 5900 – 5910. RSI is in the moderate territory, and there is enough room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ gained some ground as demand for tech stocks remained strong. The trading session was calm, and there were no major rallies or sell-offs.

NASDAQ settled above the previous resistance at 19,950 – 20,000 and is trying to settle above the 20,300 level. In case this attempt is successful, NASDAQ will head towards the resistance at 20,600 – 20,650. It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing.

Dow Jones

Dow Jones continued its attempts to settle above the resistance at 42,500 – 42,600 as traders waited for additional catalysts. Merck, which is down by 5.2%, is the worst performer in the Dow Jones index today. The stock pulled back as Merck agreed to pay as much as $2 billion for the rights for an experimental heart drug from China.

If Dow Jones climbs above the 42,600 level, it will head towards the resistance level at 43,100 – 43,200.

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