NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Set To Finish The First Quarter Near Record Highs

SP500

SP500 remains stuck near the resistance at 5260 – 5270 as traders are not ready for big moves ahead of the weekend. Tomorrow, markets will be closed due to Good Friday holiday. Today, traders had a chance to take a look at multiple economic reports. The fourth-quarter GDP Growth Rate was 3.4%, compared to analyst consensus of 3.2%. The report showed that the U.S. economy was in a great shape in the last quarter of 2023. Michigan Consumer Sentiment improved from 76.9 in February to 79.4 in March, while analysts expected that it would decline to 76.5. Pending Home Sales increased by 1.6% month-over-month in February, exceeding the analyst forecast of +1.5%. Initial Jobless Claims declined from 212,000 to 210,000. It should be noted that the trading session was calm, and the reports did not have a material impact on market dynamics.

In case SP500 manages to settle above the 5270 level, it will head towards 5300. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum.

NASDAQ

NASDAQ settled below the nearest resistance at 18,350 – 18,400. Traders were simply waiting for the end of the final trading session in the first quarter.

NASDAQ needs to climb above 18,400 to gain upside momentum. On the support side, a move below the 50 MA at 18,250 will push NASDAQ towards the support at 18,000 – 18,050.

Dow Jones

Dow Jones made an attempt to settle above the resistance at 39,800 – 39,850 as traders remained bullish ahead of the weekend. Interestingly, Apple was the worst performer in the Dow Jones index today. The stock continues to trade near multi-month lows.

From the technical point of view, Dow Jones received strong support near 39,300 and moved back towards the key resistance at 39,800 – 39,850. A move above 39,850 will push Dow Jones towards new highs.

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