NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebounded From Session Lows

SP500

SP500 rebounded from session lows as traders reacted to economic reports. The final reading of S&P Global Services PMI report showed that Services PMI decreased from 54.4 in March to 50.8 in April, compared to analyst forecast of 51.4. S&P Global Composite PMI declined from 53.5 to 50.6, compared to analyst consensus of 51.2. Numbers above 50 show expansion. Today, traders also had a chance to take a look at ISM Services PMI report, which indicated that ISM Services PMI increased from 50.8 to 51.6. The report exceeded analyst expectations. Treasury yields moved higher, but this move did not put material pressure on stocks. Energy stocks were among the biggest losers in the SP500 index today. Traders focused on the strong pullback in the oil market, which was triggered by OPEC+ plans to boost production in June.

The nearest resistance level for SP500 is located in the 5700 – 5710 range. In case SP500 manages to settle above the 5710 level, it will head towards the next resistance at 5785 – 5795. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ has also managed to rebound from session lows. Apple, which was down by 2.4%, was among the biggest losers in the NASDAQ index today. The stock remains under pressure after the recent earnings report.

From the technical point of view, NASDAQ continues its attempts to settle above the resistance at 19,950 – 20,000. If NASDAQ settles above the 20,000 level, it will move towards the next resistance at 20,350 – 20,400.

Dow Jones

Dow Jones gained some ground amid rising demand for industrials and consumer defensive stocks.

A move above the 41,500 level will open the way to the test of the nearest resistance level, which is located in the 42,000 – 42,100 range.

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