NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Mixed As Traders Wait For Inflation Data

SP500

SP500 is mostly flat as traders react to Fed Chair Powell’s testimony. From a big picture point of view, Powell did not say anything new. He reiterated that Fed was in no rush to push rates lower and noted that the labor market was “broadly in balance”. The yield of 2-year Treasuries settled near the 4.29% level, while the yield of 10-year Treasuries climbed above 4.52% as bond traders reacted to Powell’s comments. Rising Treasury yields did not put material pressure on SP500 in today’s trading session. Energy stocks were among the biggest gainers in the SP500 index today. Traders focused on the continuation of the rally in the oil markets, which was triggered by supply worries. Consumer cyclical and utilities stocks were among the biggest losers in the index.

SP500 continues its attempts to settle above the 6070 level. If SP500 manages to settle above 6070, it will gain additional momentum and move towards the nearest resistance level at 6090 – 6100.

NASDAQ

NASDAQ is losing some ground as traders wait for inflation data, which will be released tomorrow. Analysts expect that Inflation Rate remained unchanged at 2.9% in January, while Core Inflation Rate declined from 3.2% to 3.1%. MicroStrategy, which was down by 4.1%, was among the biggest losers in the NASDAQ index today. The stock moved lower as Bitcoin declined towards the $95,000 level.

From the technical point of view, NASDAQ needs to settle above the 21,800 level to get to the test of the strong resistance level at 21,900 – 21,950.

Dow Jones

Dow Jones continues its attempts to settle above the resistance at 44,400 – 44,500 as traders prepare for tomorrow’s inflation reports.

A successful test of this level will open the way to the test of the next resistance level at 44,900 – 45,000.

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