NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Are Mostly Flat Ahead Of The Weekend

SP500

SP500 is mostly flat as traders wait for U.S. – China trade talks. President Trump has recently noted that an 80% China tariff on China was a decent idea. He also ruled out lowering tariffs ahead of negotiations. Energy stocks were among the biggest gainers today as traders focused on rising natural gas and oil markets. Healthcare stocks remained under pressure amid tariff fears. Treasury yields were mixed as bond traders waited for additional catalysts. From a big picture point of view, traders are not ready for big moves ahead of U.S. – China trade negotiations, which will likely serve as the key catalyst for markets next week.

The nearest resistance level for SP500 is located in the 5700 – 5710 range. If SP500 climbs above the 5710 level, it will head towards the next resistance at 5800 – 5810. On the support side, a move below the 50 MA at 5631 will push SP500 towards the support level at 5590 – 5600.

NASDAQ

NASDAQ was also flat as traders remained cautious ahead of the weekend. Trade Desk, which was up by 17.9%, was the biggest gainer in the NASDAQ index today. The stock rallied as traders reacted to the strong earnings report.

In case NASDAQ declines below the nearest support at 19,950 – 20,000, it will head towards the next support level at 19,550 – 19,600.

Dow Jones

Dow Jones was mostly flat in choppy trading amid lack of strong catalysts. The trading session was calm, and traders were waiting for U.S. – China talks.

In case Dow Jones manages to settle above the 41,500 level, it will move towards the nearest resistance at 42,000 – 42,100. On the support side, a move below the support at 40,900 – 41,000 will provide Dow Jones with an opportunity to gain downside momentum in the near term.

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