NASDAQ Index, SP500, Dow Jones Forecasts – Traders Stay Optimistic Ahead Of Fed Decision

SP500

SP500 is moving higher as traders prepare for the Fed decision, which will be released tomorrow. Treasury yields have started to pull back as bond traders took some profits off the table ahead of tomorrow’s event. The Fed is expected to leave the rate unchanged, so traders will be focused on Powell’s comments. In addition, Fed will release Economic Projections, which may have a material impact on market dynamics. Today, traders had a chance to take a look at Housing Starts and Building Permits reports. Housing Starts increased by 10.7% month-over-month in February, while Building Permits grew by 1.9%. Both reports exceeded analyst expectations and showed that the housing market was in a decent shape despite high interest rates. Energy stocks were among the biggest gainers in SP500 today as oil markets tested new highs. Traders bet that demand for oil in the U.S. and China will increase in the upcoming months.

Currently, SP500 is trying to settle above the resistance at 5180 – 5190. It remains to be seen whether SP500 will be able to climb above 5190 and test new highs ahead of the Fed decision.

NASDAQ

NASDAQ gains some ground as demand for tech stocks remains strong. Traders are not worried about high interest rates and focus on the AI hype. Interestingly, Advanced Micro Devices is the biggest loser in the NASDAQ index today. The stock is down by 4% amid worries about competition from NVIDIA.

A successful test of the resistance at 18,050 will open the way to the test of the next resistance level, which is located in the 18,350 – 18,400 range.

Dow Jones

Dow Jones gains ground as just four stocks in the index are moving lower in today’s trading session. Intel, which is down by 1.5%, is the only notable loser in the Dow Jones index today.

From the technical point of view, Dow Jones is moving towards the nearest resistance level at 39,250 – 39,300.

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