NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Meta Gains 3%

SP500

SP500 moved higher despite disappointing economic reports. ADP Employment Change report showed that private businesses added 37,000 jobs in May, compared to analyst forecast of 115,000. ISM Services PMI declined from 51.6 in April to 49.9 in May, compared to analyst consensus of 52. Treasury yields moved lower as bond traders bet that Fed may be less hawkish due to the slowdown of the economy. Communication services and healthcare stocks were among the biggest gainers in the SP500 index today. Energy stocks found themselves under pressure as traders focused on the pullback in the oil markets.

Currently, SP500 is moving towards the nearest resistance level at 6000 – 6010. If SP500 manages to settle above the 6010 level, it will head towards the next resistance level at 6090 – 6100.

NASDAQ

NASDAQ gained ground as demand for chip stocks remained strong. The solid performance of Meta, which was up by 3%, provided additional support to the index.

In case NASDAQ climbs above the 21,800 level, it will head towards the resistance level at 21,950 – 22,000. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term. On the support side, a move below the 21,600 level will open the way to the test of the support at 21,450 – 21,500.

Dow Jones

Dow Jones remains stuck below the key resistance level at 42,700 – 42,800. The trading session is calm, and there are no significant gainers or losers in the Dow Jones index today.

From the technical point of view, Dow Jones needs to settle above the 42,800 level to gain additional upside momentum. If Dow Jones manages to climb above the 42,800 level, it will head towards the next resistance level, which is located in the 43,200 – 43,300 range.

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