NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Moves Higher As Nike Gains 5%

SP500

SP500 was mostly flat as traders reacted to Dallas Fed Manufacturing Index report for February. The report showed that Dallas Fed Manufacturing Index decreased from 14.1 in January to -8.3 in February, compared to analyst consensus of 18. Today, traders also had a chance to take a look at Chicago Fed National Activity Index report. The report indicated that Chicago Fed National Activity Index declined from 0.15 in December to -0.03 in January, compared to analyst forecast of 0.21. Technology, utilities, and consumer cyclical stocks were among the biggest losers in the SP500 index today. Meanwhile, healthcare and financial stocks gained upside momentum.

The nearest support level for SP500 is located in the 6000 – 6010 range. If SP500 declines below the 6000 level, it will move towards the next support level at 5910 – 5920.

NASDAQ

NASDAQ is losing ground as traders continue to sell tech stocks. At this point, it looks that NASDAQ needs additional positive catalysts to gain sustainable upside momentum.

Currently, NASDAQ is trying to settle below the support at 21,550 – 21,600. In case this attempt is successful, NASDAQ will head towards the next support, which is located in the 21,200 – 21,250 range.

Dow Jones

Dow Jones managed to gain some ground as demand for healthcare stocks increased. Nike was the best performer in the Dow Jones index today. The stock gained 5% after Jefferies upgraded Nike from Hold to Buy and changed the price target from $75 to $115.

From the technical point of view, Dow Jones is trying to settle back above the support at 43,500 – 43,600. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If Dow Jones moves above the 43,700 level, it will head towards the nearest resistance at 44,000 – 44,100.

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