NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As GlobalFoundries Soars 14.9%

SP500

SP500 gains ground as traders react to PMI reports and wait for the results of U.S. presidential election. ISM Services PMI increased from 54.9 in September to 56.0 in October, compared to analyst forecast of 53.8. The final reading of S&P Global Services PMI showed that Services PMI declined from 55.2 to 55.0, compared to analyst consensus of 55.3. Numbers above 50 show expansion. From a big picture point of view, the services sector remains in a great shape and continues to expand at at robust pace. It should be noted that all market sectors are moving higher in today’s trading session, which indicates that traders are extremely bullish.

In case SP500 manages to settle above the 5780 level, it will move towards the nearest resistance level, which is located in the 5800 – 5810 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ gains ground amid rising demand for tech stocks. GlobalFoundries, which is up by 14.9%, is the biggest gainer in the NASDAQ index today. The stock gained strong upside momentum as traders focused on the solid third-quarter report and the encouraging fourth-quarter guidance.

If NASDAQ climbs above the 50 MA at 20,262, it will move towards the next resistance level, which is located in the 20,700 – 20,800 range.

Dow Jones

Dow Jones gains ground amid broad rally in the equity markets. Intel, which is up by 3.4%, is the biggest gainer in the Dow Jones index today. Intel gained strong momentum amid rising demand for tech stocks.

Currently, Dow Jones is trying to settle above the resistance at 42,100 – 42,200. In case this attempt is successful, Dow Jones will move towards the next resistance level at 42,600 – 42,700.

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