NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Amazon Gains 4.4%

Today, traders also focused on PCE reports. PCE Price Index increased by +0.4% month-over-month in February, in line with analyst estimates. Core PCE Price Index grew by +0.4%, meeting expectations. PCE Price Index is Fed’s favourite inflation gauge.

Initial Jobless Claims report showed that 219,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 210,000. Personal Income declined by -0.1% month-over-month in February, compared to analyst consensus of +0.3%. Personal Spending increased by +0.5% in February, in line with analyst estimates.

Stocks were moving lower at the start of the trading session as traders reacted to disappointing economic reports. However, the situation changed quickly when Israel announced that it was ready to negotiate with Lebanon. Right now, geopolitical catalysts are more important than economic data for markets.

WTI oil declined from session highs and pulled back below the $100 level as traders reacted to Israel’s decision. However, the market remains nervous amid fragile ceasefire between U.S. and Iran. Meanwhile, Israel continues its operation against Hezbollah in Lebanon.

Most market sectors moved higher in today’s trading session. Energy stocks found themselves under pressure as traders continued to take profits after the strong rally.

The nearest resistance level for SP500 is located in the 6850 – 6860 range. If SP500 climbs above the 6860 level, it will head towards the next resistance at 6910 – 6920. RSI is in the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.