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NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Is Flat Ahead Of PPI Data

By:
Vladimir Zernov
Published: May 13, 2024, 19:17 GMT+00:00

Key Points:

  • SP500 settled near the 5220 level as traders waited for additional catalysts.
  • NASDAQ gained some ground amid lack of catalysts.
  • Dow Jones pulled back as Home Depot declined 1.5%.
NASDAQ Index, SP500, Dow Jones Forecasts

In this article:

SP500

SP500
SP500 130524 4h Chart

SP500 is mostly flat amid lack of catalysts. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment. Treasury yields moved lower, but this move did not provide material support to major indices. American Airlines and Southwest Airlines were among the biggest gaines in SP500 today. The stocks gained upside momentum after HSBC initiated analytical coverage. From a big picture point of view, today’s trading session was calm as traders were not ready for big moves ahead of tomorrow’s PPI data. Analysts expect that PPI increased 0.3% month-over-month in April, while Core PPI grew 0.2%.

In case SP500 settles below 5215, it will move towards the nearest support level, which is located in the 5180 – 5190 range.

NASDAQ

NASDAQ
NASDAQ 130524 4h Chart

NASDAQ remains stuck near the 18,200 level as traders wait for catalysts. Intel, which is up by 2.5%, is among the biggest gainers in the NASDAQ index today. The stock moved higher amid reports indicating that the company was close to the $11 billion deal with Apollo for the chip factory in Ireland.

The nearest resistance level for NASDAQ is located in the 18,300 – 18,400 range. This resistance level has been tested many times and proved its strength. Most likely, NASDAQ will need significant catalysts to move above the 18,400 level.

Dow Jones

Dow Jones
Dow Jones 130524 4h Chart

Dow Jones is losing some ground as Home Depot declines 1.5% ahead of the earnings report, which will be released tomorrow.

In case Dow Jones settles below the 39,400 level, it will head towards the nearest support, which is located in the 39,000 – 39,100 range. RSI is in the moderate territory, so there is plenty of room to gain additional momentum in case the right catalysts emerge.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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