NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Multi-Month Lows

SP500

SP500 gains ground as traders ignore the weak Michigan Consumer Sentiment report. The report showed that Consumer Sentiment declined from 64.7 in February to 57.9 in March, compared to analyst consensus of 63.1. Year-ahead inflation expectations soared from 4.3% to 4.9% as consumers focused on trade wars. The rebound was broad, and all market sectors moved higher in today’s trading session. It should be noted that SP500 was down by more than 10% from historic highs, so some traders decided to bet on a strong rebound from recent lows.

SP500 moved above the resistance level at 5590 – 5600 and is trying to settle above the 5630 level. In case this attempt is successful, it will head towards the 50 MA at 5680. A move above the 50 MA will push SP500 towards the resistance level at 5700 – 5710.

NASDAQ

NASDAQ rallied amid strong demand for tech stocks. Strategy, which is up by 12.7%, is the best performer in the NASDAQ index today. The stock gained strong upside momentum as Bitcoin climbed above the $85,000 level.

Currently, NASDAQ is trying to settle above the resistance at 19,600 – 19,650. In case this attempt is successful, NASDAQ will head towards the next resistance level at 19,550 – 20,000. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

Dow Jones

Dow Jones is moving higher amid broad rally in the equity markets. The rally is led by NVIDIA, which is up by 4.6% in today’s trading session.

Dow Jones settled back above the support at 41,100 – 41,200 and is trying to settle above the 41,400 level. In case this attempt is successful, Dow Jones will move towards the nearest resistance level, which is located in the 41,700 – 41,800 range.

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