NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Intel Soars 7.3%

SP500 is moving higher as traders bet on dovish Fed. Today, traders focused on the Retail Sales report. The report indicated that Retail Sales increased by +0.2% month-over-month in February, compared to analyst forecast of +0.6%. Retail Sales Ex Autos grew by +0.3%, while analysts expected that they would increase by +0.4%. Today, traders also had a chance to take a look at NAHB Housing Market Index report. The report showed that NAHB Housing Market Index declined from 42 in February to 39 in March, compared to analyst consensus of 42. NY Empire State Manufacturing Index declined from 5.7 to -20, compared to analyst forecast of -0.75. Overall, the weaker-than-expected reports provided support to stocks as traders bet that Fed would be more dovish. The Fed Interest Rate Decision will be released on Wednesday, March 19.

Currently, SP500 is trying to settle above the resistance at 5700 – 5710. In case this attempt is successful, SP500 will move towards the next resistance level, which is located in the 5840 – 5850 range.

NASDAQ

NASDAQ 170325 4h Chart

NASDAQ gains ground as traders focus on the upcoming Fed decision. Intel, which is up by 7.3%, is the best performer in the NASDAQ index today. The stock rallied as new CEO planned major operational overhaul.

In case NASDAQ settles above the resistance at 19,950 – 20,000, it will head towards the next resistance level at 20,450 – 20,500.

Dow Jones

Dow Jones 170325 Daily Chart

Dow Jones gained ground amid broad rally in the equity markets. The rally is led by Walmart, which is up by 2.9% in today’s trading session.

From the technical point of view, Dow Jones climbed above the resistance at 41,700 – 41,800 and is trying to settle above the 50 MA at 41,880. If Dow Jones manages to settle above this level, it will move towards the next resistance, which is located in the 42,500 – 42,600 range. RSI remains in the moderate territory, which is bullish for Dow Jones.

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

About the Author

Vladimir Zernovauthor

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

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