NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Electronic Arts Soars 13.8%

SP500

SP500 gains ground as traders react to PCE Price Index report. The report showed that PCE Price Index increased by +0.3% month-over-month in August, in line with analyst consensus. Today, traders also focused on Michigan Consumer Sentiment report. The report indicated that Consumer Sentiment decreased from 58.2 in August to 55.1 in September, compared to analyst forecast of 55.4. Personal Spending increased by +0.6% month-over-month in August, while Personal Income grew by +0.4%. Both reports exceeded analyst estimates. Most market sectors gained ground in today’s trading session. Consumer defensive stocks found themselves under pressure as demand for safe-haven assets declined.

In case SP500 settles above the 50 MA at 6650, it will head towards the resistance level, which is located in the 6700 – 6710 range.

NASDAQ

NASDAQ rebounds as traders use the pullback as an opportunity to increase their long positions at attractive levels. Electronic Arts, which is up by 13.8%, is the biggest gainer in the NASDAQ index today. The stock rallied as a report indicated that the company could go private in a $50 billion deal.

A successful test of the 50 MA at 24,495 will push NASDAQ towards the next resistance level at 24,750 – 24,800.

Dow Jones

Dow Jones moved higher, supported by the strong performance of Boeing stock. The stock gained 3.9% as the company secured large orders from airlines. Most stocks in the Dow Jones index have also gained ground in today’s trading session.

Dow Jones moved above the resistance at 46,100 – 46,200 and is trying to settle above the 46,300 level. In case this attempt is successful, it will head towards the next resistance at 40,600 – 40,700. 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.