NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Some Ground As ADP Employment Change Beats Expectations

SP500

SP500 is mostly flat as traders react to ADP Employment Change report, which showed that private businesses added 143,000 jobs in September. Analysts expected ADP Employment Change of 120,000, so the report exceeded analyst estimates. It should be noted that most market segments have found themselves under pressure in today’s trading session. It looks that traders remain worried about recent developments in the Middle East. Meanwhile, tech and energy stocks managed to gain upside momentum.

SP500 has settled in a range between the support at 5660 – 5680 and the resistance at 5735 – 5750. A move above the 5750 level will open the way to the test of the 5800 level. On the support side, a successful test of the support at 5660 – 5680 will push SP500 towards the next support level at 5550 – 5570.

NASDAQ

NASDAQ gained some ground amid rising demand for tech stocks. Tesla was among the biggest losers in the NASDAQ index today. The stock is down by 3.4% as traders react to the third-quarter deliveries report, which missed analyst estimates.

NASDAQ is moving towards the nearest resistance level, which is located in the 20,000 – 20,100 range. In case NASDAQ manages to settle above 20,100, it will gain additional upside momentum and head towards the next resistance at 20,700 – 20,800.

Dow Jones

Dow Jones moved back towards the resistance at 42,100 – 42,200 as traders reacted to jobs data. Nike, which was down by 6.7%, was the biggest loser in the Dow Jones index today. The stock moved lower as the company withdrawed its full-year guidance.

The technical picture remains unchanged as Dow Jones needs to settle above the 42,200 level to gain sustainable upside momentum in the near term. RSI remains in the moderate territory, so there is enough room to gain momentum in case the right catalysts emerge.

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