NASDAQ Index, SP500, Dow Jones Analysis – Stocks Mixed Ahead Of The Weekend

Key Insights

• SP500 settled near the 4550 level. 
• NASDAQ remained mostly flat after yesterday’s pullback. 
• Dow Jones continued its attempts to settle above the 35,300 level. 

SP500

SP500 moved higher as traders used yesterday’s pullback as an opportunity to increase their long positions. There were no important economic reports scheduled to be released today, so traders focused on the general market sentiment, which remained bullish. Treasury yields pulled back, providing additional support to major indices. Utilities, Healthcare, and Energy stocks were among the leaders today.

From the technical point of view, SP500 is trying to get to the test of the resistance in the 4575 – 4600 range. Most likely, traders will have to wait until the next week before this test would be possible.

NASDAQ

NASDAQ is mostly flat today as traders wait for additional catalysts. Yesterday’s pullback was strong, and it looks that NASDAQ needs some time to stabilize after this move.

NASDAQ settled below the 50 MA, which indicates that it may develop additional downside momentum. The nearest support level for NASDAQ is located in the 15,200 – 15,300 range. If NASDAQ declines below the 15,200 level, it will head towards the 200 MA at 15,100.

Dow Jones

Dow Jones gained some ground as the rally continued. However, today’s move was not strong as some traders decided to take profits off the table near the resistance in the 35,400 – 35,550 range.

Dow Jones remains overbought, so the risks of a pullback are rising. It looks that RSI should move back into the moderate territory before Dow Jones has a realistic chance to climb above the 35,550 level.

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