NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Stay Close To Session Highs After Fed Decision

SP500

SP500 settled below the 6400 level as traders reacted to Fed decision. The central bank left the interest rate unchanged, in line with analyst consensus. Fed noted that uncertainty about the economic outlook remained elevated. Fed Chair Powell may provide additional details during his press conference, which starts soon. His words may have a significant impact on market dynamics, so traders should be prepared for fast moves. Today, traders also focused on the second-quarter GDP Growth Rate report. The report indicated that GDP Growth Rate was +3.0%, compared to analyst consensus of +2.4%. In the first quarter, GDP Growth Rate was -0.5%, so the economy rebounded despite tariff worries. Traders also had a chance to take a look at the Pending Home Sales report, which showed that Pending Home Sales decreased by -2.8% month-over-month in June.

SP500 continues its attempts to settle above the nearest resistance level at 6390 – 6400. If SP500 manages to settle above the 6400 level, it will head towards the next resistance, which is located in the 6430 – 6440 range.

NASDAQ

NASDAQ is moving higher as traders focus on Fed decision and wait for Powell’s press conference. Currently, NASDAQ is trying to settle above the resistance at 23,400 – 23,450.

In case this attempt is successful, NASDAQ will gain additional momentum and move towards the 24,000 level. RSI is in the moderate territory, so there is plenty of room to gain upside momentum in the near term.

Dow Jones

Dow Jones is stuck near the support level at 44,600 – 44,700 after the release of Fed decision.

In case Dow Jones settles back above the 44,700 level, it will head towards the nearest resistance, which is located in the 45,000 – 45,100 range. On the support side, a move below the 44,500 level will push Dow Jones towards the support at 43,900 – 44,000.

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