NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Amazon Soars 10.8%

SP500

SP500 moved away from session highs despite the strong performance of Amazon stock. Amazon gained 10.8% as traders reacted to the better-than-expected earnings report. The report indicated that the company’s cloud unit benefited from the AI boom. Today, traders had a chance to take a look at Chicago PMI report for October. Typically, this report does not have a major impact on market dynamics. However, traders pay attention to any economic report as the important economic data is not released due to U.S. government shutdown. Chicago PMI increased from 40.6 in September to 43.8 in October, compared to analyst forecast of 42.3. Energy stocks were among the biggest gainers today as traders focused on rising natural gas markets. Consumer defensive and utilities stocks have found themselves under pressure.

SP500 has recently made an attempt to settle below the support at 6830 – 6840. In case SP500 settles belwo the 6830 level, it will gain additional downside momentum and move towards the next support at 6765 – 6775.

NASDAQ

NASDAQ has also pulled back from session highs as traders continued to take profits off the table near historic highs.

If NASDAQ settles below the 25,800 level, it will move towards the support at 25,550 – 25,600. On the upside, a move above the resistance at 25,950 – 26,000 will push NASDAQ towards the 26,300 level.

Dow Jones

Dow Jones remains stuck near the resistance level at 47,500 – 47,600 amid falling demand for consumer stocks. Amazon’s strong rally did not provide sufficient support to Dow Jones index in today’s trading session.

The technical picture remains unchanged as Dow Jones needs to settle above the 47,600 level to gain upside momentum in the near term. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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