NASDAQ Futures, SP500, Dow Jones Analysis – Futures Gain Ground As Unemployment Rate Declines

Key Insights

• SP500 tested resistance at 4115 after the release of Non Farm Payrolls and Unemployment Rate reports. 
• NASDAQ settled above the 13,000 level as traders ignored the rebound in Treasury yields. 
• Dow Jones moved above the important resistance at 33,500.

SP500

SP500 futures tested resistance at 4115 as traders reacted to the Non Farm Payrolls report. The stock market is closed today in observation of the Good Friday holiday, so the activity in the futures market was low.

From the technical point of view, SP500 managed to settle above the 4100 level and is trying to climb above the resistance at 4115. In case this attempt is successful, SP500 will move towards the next resistance at 4150.

R1:4115 – R2:4150 – R3:4175

S1:4090 – S2:4070 – S3:4040

NASDAQ

NASDAQ futures moved higher despite the rebound in Treasury yields. Traders prepare for a 25 bps rate hike at the next Fed meeting but the appetite for risk stays strong, which is bullish for NASDAQ.

NASDAQ managed to settle back above the 13,000 level and is trying to get to the test of the next resistance at 13,140. A successful test of the resistance at 13,140 will open the way to the test of the next resistance level, which is located at 13,250. On the support side, a move below the 13,000 level will likely present material problems for the bulls.

R1:13,140 – R2:13,250 – R3:13,400

S1:13,000 – S2:12,900 – S3:12,750

Dow Jones

Dow Jones moved above the 33,500 level after the release of the jobs reports. Unemployment Rate declined from 3.6% to 3.5%, highlighting the strength of the job market.

The successful test of the 33,500 level is a good sign for the bulls. However, today’s trading was slow due to the holiday, so this level will be tested once again on Monday.

R1:33,700 – R2:33,850 – R3:34,000

S1:33,500 – S2:33,300 – S3:33,150

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