NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rally As Traders Focus On Tariffs

SP500

SP500 rebounded from session lows as traders evaluated the developments in trade wars. The U.S. granted tariff delay for Big Three automakers, which was bullish for SP500. Today, traders also focused on the ADP Employment Change report for February. The report showed that private businesses added 77,000 jobs, compared to analyst forecast of 140,000. The weaker-than-expected ADP Employment Change report raised worries about the slowdown of the economy. Today, traders also had a chance to take a look at ISM Services PMI report. The report showed that ISM Services PMI increased from 52.8 in January to 53.5 in February, compared to analyst consensus of 52.6. Factory Orders increased by 1.7% month-over-month in January, while analysts expected that they would grow by 1.6%.

Currently, SP500 is trying to settle above the resistance at 5840 – 5850. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 5910 – 5920 range.

NASDAQ

NASDAQ  gained ground as traders reacted to the recent developments in trade wars. Strategy, which was up by 9.7%, was the best performer in the NASDAQ index today. The stock rallied as Bitcoin moved towards the $90,000 level.

If NASDAQ settles above the resistance at 20,550 – 20,600, it will move towards the next resistance at 20,850 – 20,900. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

Dow Jones

Dow Jones moved higher amid broad rebound in the equity markets. Rising demand for industrials and consumer cyclical stocks provided strong support to the Dow Jones index today.

A move above the 43,100 level will push Dow Jones towards the next resistance level, which is located in the 43,500 – 43,600 range.

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