NASDAQ Index, SP500, Dow Jones Analysis – Stocks Mixed Ahead Of CPI Report

Key Insights

• SP500 managed to settle above the 4115 level. 
• NASDAQ pulled back towards the 13,000 level as tech stocks declined. 
• Dow Jones tested new highs near the 33,750 level. 

SP500

SP500 settled above the 4115 level as risk appetite increased ahead of tomorrow’s CPI report. All market segments, with the exception of technology stocks, are moving higher in today’s trading session.

The nearest resistance level for SP500 is located at 4150. In case SP500 manages to settle above this level, it will head towards the next resistance at 4175. On the support side, a move below the 4115 level will open the way to the test of the next support level at 4090.

R1:4150 – R2:4175 – R3:4200

S1:4115 – S2:4090 – S3:4070

NASDAQ

NASDAQ remained stuck near the 13,000 level as tech stocks declined. The yield of 2-year Treasuries settled above the 4.05% level, which was bearish for the yield-sensitive tech stocks.

If NASDAQ settles below the 13,000 level, it will move towards the support at 12,900.  A successful test of the support at 12,900 will push NASDAQ towards the next support level, which is located at 12,750.

R1:13,140 – R2:13,250 – R3:13,400

S1:13,000 – S2:12,900 – S3:12,750

Dow Jones

Dow Jones tested new highs as Industrials and Financial stocks gained upside momentum. Caterpillar and 3M Company were the best performers in the Dow Jones index in today’s trading session.

If Dow Jones moves above the resistance at 33,850, it will head towards the next resistance level at 34,000. A successful test of this level will open the way to the test of the resistance at 34,200. On the support side, a move below 33,700 will push Dow Jones back towards the 33,500 level.

R1:33,850 – R2:34,000 – R3:34,200

S1:33,700 – S2:33,500 – S3:33,300

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