NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Remains Stuck Near Key Resistance Level

SP500

SP500 gained some ground as traders reacted to the Durable Goods Orders report, which indicated that Durable Goods Orders increased by 1.4% month-over-month in February. Analysts expected that Durable Goods Orders would grow by 1.1%. Case-Shiller Home Price Index declined by 0.1% month-over-month in January, in line with the analyst consensus. CB Consumer Confidence pulled back from 106.7 in February to 104.7 in March, missing analyst estimates. From a big picture point of view, the reports did not show anything new. The U.S. economy remains in a decent shape, which is bullish for SP500 and other major indices. Treasury yields were moving lower in today’s trading session, providing additional support to stocks. Most market segments gained ground, although Energy and Utilities stocks have found themselves under pressure.

SP500 made an attempt to settle above the 5250 level but failed to develop sufficient momentum and pulled back. If SP500 manages to settle above 5250, it will head towards the resistance at 5260 – 5270.

NASDAQ

NASDAQ continued its attempts to settle above the key resistance at 18,350 – 18,400 but failed to settle above the 18,400 level. Tesla, which was up by 3.7%, was the biggest gainer in the NASDAQ index today.

From the technical point of view, NASDAQ remains stuck near the resistance at 18,350 – 18,400. NASDAQ needs to settle above this level to gain sustainable momentum.

Dow Jones

Dow Jones gained some ground despite the pullback in Boeing shares, which were down by 2.1%. The stock gained downside momentum as Moody’s placed Boeing’s ratings on review for downgrade.

Dow Jones received support above the 39,250 – 39,300 level and is trying to gain upside momentum. A move above the 39,500 level will open the way to the test of the nearest resistance, which is located in the 39,800 – 39,850 range.

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