NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Ground As Traders Bet The Shutdown Will End Soon

SP500

SP500 gains ground as traders shrug off worries about the situation in the labor market. An ADP report showed that private businesses cut 11,250 jobs per week in the four weeks ended October 25. This report indicates that the labor market may have found itself under strong pressure in the second half of the month. The SP500 index managed to rebound from session lows and moved higher as traders bet that the longest shutdown in U.S. history could end soon. Healthcare stocks were among the biggest gainers in the SP500 index today. Energy stocks have also gained strong momentum as traders focused on rising natural gas and oil markets.

Currently, SP500 is trying to settle above the resistance at 6840 – 6850. In case this attempt is successful, SP500 will move towards the next resistance level, which is located in the 6920 – 6930 range.

NASDAQ

NASDAQ is losing some ground amid pullback in tech stocks. NVIDIA, which is down by 2.5%, is among the biggest losers in the NASDAQ index today. The stock found itself under pressure as SoftBank Group sold its stake in the company for $5.83 billion.

In case NASDAQ settles above the 50 MA at 25,625, it will get to the test of the resistance at 25,750 – 25,800. A move above the 25,800 level will push NASDAQ towards the next resistance at 26,250 – 26,300.

Dow Jones

Dow Jones rallied amid strong demand for healthcare stocks. Nike, which was up by 4.3%, was the biggest gainer in the Dow Jones index today.

Dow Jones moved above the resistance at 47,500 – 47,600 and is trying to settle above the 47,900 level. In case this attempt is successful, Dow Jones will get to the test of the resistance at 48,000 – 48,100. RSI has recently moved into oversold territory, so the risks of a pullback are increasing.

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