NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Session Lows As Traders Buy The Dip

SP500

SP500 rebounds from session lows as traders buy the dip. From a big picture point of view, traders are worried that trade wars will hurt the economy. Financial stocks were among the biggest losers in the SP500 index today. Stocks like Citigroup, Bank of America, and Morgan Stanley found themselves under strong pressure amid worries about the slowdown of the economy. Meanwhile, tech stocks gained upside momentum, providing additional support to SP500.

From the technical point of view, SP500 found support in the 5765 – 5775 range and rebounded towards the resistance at 5840 – 5850. Currently, SP500 is trying to settle above this resistance level. In case this attempt is successful, SP500 will move towards the next resistance, which is located in the 5910 – 5920 range. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ found support at 20,000 – 20,050 and moved towards the resistance level at 20,550 – 20,600 amid rising demand for tech stocks. Traders shrugged off worries about tariffs and rushed to increase their long positions after the strong pullback from historic highs.

In case NASDAQ manages to settle above the resistance at 20,550 – 20,600, it will move towards the next resistance level at 20,850 – 20,900.

Dow Jones

Dow Jones has aso moved away from session lows, although the index remained in the negative territory. Boeing, which was down by 4.3%, was the worst performer in the Dow Jones index today. The stock moved lower as traders worried that tariffs would increase the company’s costs.

The nearest resistance level for Dow Jones is located in the 43,000 – 43,100 range. If Dow Jones climbs above the 43,100 level, it will head towards the next resistance, which is located at 43,500 – 43,600.

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