NASDAQ Index, SP500, Dow Jones Forecasts – SP500 And NASDAQ Move Higher As Traders Wait For Big Tech Reports

SP500

SP500 gains ground despite the weaker-than-expected CB Consumer Confidence report. The report indicated that CB Consumer Confidence decreased from 89.1 in December to 84.5 in January, compared to analyst forecast of 90.9. Today, traders also had a chance to take a look at the Case-Shiller Home Price index report. The report showed that home prices increased by +1.4% year-over-year in November, compared to analyst consensus of +1.2%. Most market sectors moved higher in today’s trading session. Energy stocks were among the gainers today as traders reacted to the rally in the oil markets. From a big picture point of view, traders worry that U.S. may strike Iran, causing oil supply disruptions. This potential catalyst may provide material support to energy stocks in the upcoming trading sessions.

Currently, SP500 is trying to settle above the key resistance level at 6990 – 7000. In case SP500 manages to settle above 7000, it will gain additional upside momentum and move towards the 7050 level.

NASDAQ

NASDAQ climbed above the resistance at 25,800 – 25,850 amid rising demand for tech stocks. Traders prepare for big tech earnings reports, which will be released this week.

If NASDAQ climbs above the 26,000 level, it will move towards the next resistance, which is located in the 26,250 – 26,300 range.

Dow Jones

Dow Jones pulled back as Unitedhealth Group  stock suffered a strong sell-off. The stock is down by as much as 20% as traders react to the company’s earnings report. Unitedhealth Group’s earnings exceeded analyst estimates, but traders focused on revenue miss and weak outlook.

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

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