NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher Despite Intel’s Crash

SP500

SP500 is swinging between gains and losses as traders react to economic reports. Services PMI remained unchanged at 52.5 in January, compared to analyst forecast of 52.8. Manufacturing PMI improved from 51.8 in December to 51.9 in January, compared to analyst consensus of 52. Numbers above 50 show expansion. Today, traders also had a chance to take a look at the final reading of Michigan Consumer Sentiment report. The report indicated that Consumer Sentiment increased from 52.9 in December to 56.4 in January, exceeding analyst estimates of 54.0. The better-than-expected Consumer Sentiment data provided additional support to stocks today. Basic materials stocks were among the gainers as gold, silver, and platinum tested historic highs. Energy stocks rallied as traders focused on rising natural gas and oil markets. From a big picture point of view, markets have already recovered from Greenland-related fears, and traders are ready to focus on earnings reports and economic data.

The nearest resistance level for SP500 is located in the 6940 – 6950 range. A move above the 6950 level will push SP500 towards the resistance at 6990 – 7000.

NASDAQ

NASDAQ is moving higher despite the strong sell-off in Intel stock. Intel is down by 17.2% as traders react to the company’s earnings report. The report exceeded analyst estimates, but traders focused on disappointing outlook.

If NASDAQ manages to settle above the 25,600 level, it will head towards the resistance level at 25,800 – 25,850.

Dow Jones

Dow Jones is losing ground amid falling demand for financial and industrials stocks. Goldman Sachs, which is down by 3.9%, is the worst performer in the Dow Jones index today.

The nearest support level for Dow Jones is located in the 48,700 – 48,800 range. A move below the 48,700 level will open the way to the test of the support at 47,900 – 48,000.

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