Dow Jones, Nasdaq, S&P 500 weekly preview: Testing key resistance
S&P 500 (SPX) recorded the fourth consecutive weekly close last week, ultimately closing at the highest level since July. It also marks the longest weekly run since June.
The benchmark U.S. stock market index is now testing key resistance near 4560, which is shaped by the trend line that connects the record high and 2023 high.
Similarly, the Dow Jones Industrial Average (DJI) added 1.3% to also hit the downward trend line that connects recent swing highs. On the other hand, the Nasdaq Composite Index (IXIC) rose 0.9% but still managed to secure a weekly close above the key trendline, which will now provide support if the pullback occurs.
Looking forward to this week, the Consumer Confidence report is out on Tuesday. On Wednesday, the Q3 GDP reading is expected to be released. A set of inflation-focused data is set to be out on Thursday, including personal income data for October. Manufacturing PMI and ISM manufacturing data is scheduled for Friday.
Fed’s speakers, including Governor Waller and Presidents Goolsbee and Mester, are all scheduled to speak this week.
On the earnings front, the most notable reporters include Zscaler (NASDAQ:ZS), Intuit (NASDAQ:INTU), Workday (NASDAQ:WDAY), Crowdstrike (CRWD), Salesforce (NYSE:CRM), and Snowflake (NYSE:SNOW).
The list also includes Dollar Tree (NASDAQ:DLTR), Dell Technologies (NYSE:DELL), Marvel (MRVL), Kroger (NYSE:KR), Ulta Beauty (NASDAQ:ULTA), and UiPath (NYSE:PATH).
What analysts are saying about US stocks
Analysts at Oppenheimer: “Our feel is that bearish investors that largely missed S&P 500 gains in 2023 are gravitating towards the Russell 2000 in belief there’s greater potential in lagging benchmarks—we disagree. We maintain our preference for the S&P 500 given its
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