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

SP500

SP500 gains ground as traders prepare for tomorrow’s inflation reports and focus on U.S. – China trade negotiations. Analysts expect that Inflation Rate increased from 2.3% in April to 2.5% in May, while Core Inflation Rate grew from 2.8% to 2.9%. Talks between U.S. and China continued in London. According to recent reports, negotiations may continue tomorrow if necessary. Energy stocks were among the leaders in the SP500 today despite the pullbacks in natural gas and oil markets. Industrials and financial stocks have found themselves under pressure. From a big picture point of view, traders remained cautiously bullish ahead of the release of important inflation data.

SP500 moved above the resistance level at 6000 – 6010 and continues to move higher. In case SP500 manages to settle above the 6050 level, it will head towards the resistance level at 6090 – 6100.

NASDAQ

NASDAQ continues its attempts to settle above the nearest resistance level at 21,950 – 22,000. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

If NASDAQ manages to settle above the 22,000 level, it will gain additional momentum and move towards the next resistance level at 22,250 – 22,300.

Dow Jones

Dow Jones gained some ground in quiet trading. Nike, which was up by 3.3%, was the best performer in the Dow Jones index today. The stock tested multi-week highs as traders bet that the company’s performance will recover from the blow dealt by trade wars.

From the technical point of view, Dow Jones is trying to stay above the resistance level at 42,700 – 42,800. In case this attempt is successful, Dow Jones will move towards the next resistance level, which is located in the 43,200 – 43,300 range.

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