NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Multi-Week Lows

SP500

SP500 gains ground as traders focus on PMI data. Manufacturing PMI declined from 52.5 in October to 51.9 in November, compared to analyst forecast of 52. Services PMI increased from 54.8 to 55.0, compared to analyst consensus of 54.6. Numbers above 50 show expansion. The strong performance of the services sector provided material support to Composite PMI, which increased from 54.6 to 54.8, exceeding analyst estimates. Today, traders also had a chance to take a look at Michigan Consumer Sentiment report for November. The report showed that Michigan Consumer Sentiment declined from 53.6 to 51, compared to analyst consensus of 50.5. Today’s rally was broad, and all market sectors moved higher in today’s trading session. Healthcare and consumer cyclical stocks were among the biggest gainers in the SP500 index today.

Currently, SP500 is trying to settle above the resistance at 6640 – 6650. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 6750 – 6760 range.

NASDAQ

NASDAQ has also managed to rebound from session lows. NVIDIA stock moved back into positive territory, providing material support to NASDAQ index.

In case NASDAQ manages to settle above the 24,500 level, it will head towards the nearest resistance at 24,650 – 24,700. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones gained ground amid broad rally in the equity markets. Merck, which was up by 4.5%, was the biggest gainer in the Dow Jones index today. Walmart and Microsoft were the only stocks that moved lower in the index.

If Dow Jones manages to settle above the resistance level at 46,400 – 46,500, it will head towards the next resistance, which is located in the 47,100 – 47,200 range.

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