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

SP500

SP500 continues to move higher as traders stay bullish ahead of the weekend. Today, traders had a chance to take a look at the Housing Starts report, which indicated that Housing Starts declined by 6.8% month-over-month in July. Building Permits decreased by 4%, compared to analyst consensus of -0.4%. Michigan Consumer Sentiment improved from 66.4 in July to 67.8 in August, compared to analyst consensus of 66.4. The better-than-expected Consumer Sentimenr report provided additional support to major indices.

SP500 continues its attempts to settle above the resistance at 5550 – 5570. If SP500 climbs above the 5570 level, it will move towards the next resistance level, which is located in the 5660 – 5675 range.

NASDAQ

NASDAQ gained some ground as demand for tech stocks remained strong. The recent pullback was quickly bought, and NASDAQ continued its attempts to settle above the resistance at 19,500 – 19,600.

RSI is close to the overbought territory, but there is enough room to gain momentum in case the right catalysts emerge. A move above the 19,600 level will open the way to the test of the resistance at 20,100 – 20,200.

Dow Jones

Dow Jones tests new highs, supported by the rebound in Boeing stock. Boeing gained strong upside momentum in recent trading sessions as traders bet on the successful turnaround of the troubled company. Cisco  gained 2% as demand for the stock remained strong after the recent report, which beat analyst expectations on both earnings and revenue.

Currently, Dow Jones is trying to stay above the resistance at 40,500 – 40,600. In case this attempt is successful, Dow Jones will gain additional momentum and move towards the next resistance level, which is located in the 41,300 – 41,400 range. Traders should note that Dow Jones remains overbought, so the risks of a pullback are rising.

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