NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Session Lows

SP500

SP500 is losing some ground ahead of the weekend, although the index managed to rebound from session lows. There are no important economic reports scheduled to be released today, so traders focused on general market sentiment. Most sectors moved lower in today’s trading session. The pullback was led by basic material stocks, which have found themselves under pressure amid sell-off in precious metals markets. Tesla, which was up by 4.3%, was among the biggest gainers in the SP500 index today. The stock moved higher as traders bet on a rebound from multi-month lows.

From the technical point of view, SP500 remains stuck in a range between the support at 5590 – 5600 and the resistance at 5700 – 5710. If SP500 manages to climb above the 5710 level, it will head towards the next resistance level, which is located in the 5800 – 5810 range.

NASDAQ

NASDAQ is trying to settle back below the support at 19,600 – 19,650 as traders wait for additional catalysts. Micron, which is down by 7.8%, is the biggest loser in the NASDAQ index today. The stock suffered a sell-off as traders reacted to the company’s report, which indicated that margins will miss analyst expectations this quarter.

If NASDAQ climbs above the 19,650 level, it will move towards the resistance at 19,950 – 20,000. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones has also moved away from session lows as traders bought the dip. Boeing was up by 4.2% as the company won a $20 billion contract to build a fighter jet.

Dow Jones climbed back above the support at 41,700 – 41,800 and is trying to gain additional upside momentum. In case this attempt is successful, it will head towards the resistance at 42,500 – 42,600.

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