NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Traders Prepare For Fed Decision

SP500

SP500 is mostly flat as traders react to JOLTs Job Openings reports for September and October. The reports indicated that JOLTs Job Openings increased from 7.227 million in August to 7.658 million in September, compared to analyst forecast of 7.2 million. In October, JOLTs Job Openings grew to 7.67 million, beating analyst estimates. ADP Employment Change Weekly moved back into positive territory, rising from -13,500 to +4,750. Interestingly, the market did not show strong reaction to job market data. Most likely, traders were not ready for big moves ahead of tomorrow’s Fed decision. Analysts expect that Fed will cut the federal funds rate from 4.0% to 3.75%. Traders will also focus on Powell’s comments and wait for signals about the potential start of a QE program. Basic materials stocks were among the leaders today as silver markets tested historic highs. Healthcare and industrials stocks found themselves under pressure.

SP500 remains stuck below the resistance level at 6870 – 6880. In case SP500 manages to settle above the 6880 level, it will head towards historic highs near the 6930 level.

NASDAQ

NASDAQ managed to gain some ground in quiet trading. Strategy, which was up by 4.8%, was the biggest gainer in the NASDAQ index today. The stock moved higher as Bitcoin rallied towards the $94,000 level.

A successful test of the resistance level at 25,750 – 25,800 will push NASDAQ towards the next resistance, which is located in the 26,250 – 26,300 range. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Dow Jones

Dow Jones pulled back amid falling demand for healthcare and industrials stocks. JPMorgan Chase, which was down by 4.3%, was the worst performer in the Dow Jones index today. The stock declined as the company said that it planned to spend as much as $105 billion next year.

A move below the 50 MA at 47,664 will push Dow Jones towards the support level at 47,100 – 47,200.

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