NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Mixed In Shortened Session

Key Insights

• SP500 is flat in quiet trading as traders react to PMI reports. 
• NASDAQ pulled back amid a lack of additional upside catalysts. 
• Dow Jones moved towards the 35,400 level. 

SP500

SP500 remained stuck near the 4560 level as traders were not ready for big moves during the shortened trading session. Today, traders had a chance to take a look at the flash readings of PMI reports for November. Manufacturing PMI declined from 50 in October to 49.4 in November, while Services PMI increased from 50.6 to 50.8. Composite PMI remained unchanged at 50.7, compared to the analyst consensus of 50.6. Treasury yields were moving higher, but rising yields did not have a material impact on stock market dynamics. Overall, it was a dull trading session, which is typical for Black Friday.

RSI is in the moderate territory, so there is enough room to gain additional momentum. SP500 needs to climb above the nearest resistance at 4575 – 4600 to continue its rally from October lows.

NASDAQ

NASDAQ moved back below the 16,000 level as traders waited for catalysts. The trading session was calm, and there were no notable gainers or losers in the NASDAQ index today.

From the technical point of view, NASDAQ needs to settle above the 16,000 level to continue its move towards the next resistance level, which is located in the 16,400 – 16,500 range.

Dow Jones

Dow Jones gained ground as the majority of the index components moved higher. Apple, which was down by 0.7%, was the biggest loser in the Dow Jones index today.

Dow Jones is slowly moving towards the nearest resistance at 35,550 – 35,700. RSI is in the overbought territory, so the risks of a pullback are increasing.

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