NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Ground Ahead Of CPI Data

SP500

SP500 gains ground as traders focus on tomorrow’s inflation reports. Analysts expect that Inflation Rate increased from 2.4% in May to 2.7% in June. Core Inflation Rate is expected to increase from 2.8% to 2.9%. The reports will likely have a material impact on market dynamics as traders will evaluate the Fed policy outlook. Most market sectors are moving higher in today’s trading session. However, basic materials and energy stocks have found themselves under pressure as traders reacted to pullbacks in the oil and platinum markets.

From the technical point of view, SP500 needs to settle above the resistance level at 6280 – 6290 to gain additional upside momentum in the near term. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge. If SP500 settles above the 6290 level, it will head towards the 6350 level.

NASDAQ

NASDAQ tests resistance at 22,850 – 22,900 as traders stay bullish ahead of inflation data. From a big picture point of view, traders bet that Fed will start cutting rates soon as the inflationary impact of tariffs was lower than previously expected.

A move above the 22,900 level will push NASDAQ towards the 23,500 level. On the support side, a move below the 50 MA at 22,736 will open the way to the test of the support at 22,550.

Dow Jones

Dow Jones gained some ground at the start of the week. Boeing, which was up by 1.5%, was the biggest gainer in the Dow Jones index today.

Currently, Dow Jones is trying to settle above the 50 MA at 44,444. In case this attempt is successful, Dow Jones will move towards the nearest resistance level, which is located in the 44,600 – 44,700 range.

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