NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Move Higher At The Start Of A Busy Week

Key Insights

• SP500 advances, priming the stage for an eventful week dominated by economic reports including the closely-watched job numbers.
• NASDAQ moves higher as traders focus on the minor pullback in Treasury yields. 
• Dow Jones tests resistance at 34,600, boosted by the strong rally in 3M stock. 

SP500

SP500 gained ground as traders prepared for a busy week, which will be full of economic reports. Today, traders focused on Dallas Fed Manufacturing Index report, which showed that Dallas Fed Manufacturing Index improved from -20 in July to -17.2 in August. Most market segments are moving higher in today’s trading session. Real Estate stocks enjoy strong support as traders react to the pullback in Treasury yields. Trading volumes are low, and the real action will begin when the market reacts to the job reports, which will be released this week.

In case SP500 manages to settle above the resistance at 4430 – 4450, it will head towards the next resistance level, which is located in the 4575 – 4600 range.

NASDAQ

NASDAQ has also gained ground today, boosted by lower Treasury yields and general bullish sentiment. There are no big gainers in the NASDAQ index today, but the majority of the index components are moving higher.

From the technical point of view, NASDAQ has recently settled above the 50 MA at 14,920 and is trying to get to the test of the nearest resistance level, which is located in the 15,200 – 15,300 range.

Dow Jones

Dow Jones made an attempt to settle above the 34,600 level but lost momentum and pulled back. Dow Jones is supported by the strong performance of 3M stock, which is up by 5% amid reports about a potential earplug settlement with U.S. military.

If Dow Jones climbs back above the resistance at 34,600, it will head towards the next resistance at 35,000 – 35,100. The 200 MA is located near 35,000, so Dow Jones may face significant resistance in this area.

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