S&P500 and Nasdaq Index: US Indices Hold Weekly Gains as Traders Prep for GDP and PCE Analysis

• S&P 500 faces a resistance cluster at 6888.89 to 6915.65, with the 50-day moving average at 6894.82 acting as a key technical barrier after Wednesday's rejection at 6909.12.
• Nasdaq Composite must break through triple resistance at 23307.57 (50-day MA), 23320.62, and 23326.83 to shift momentum upward, with downside support at 22256.76 within a major retracement zone.
• The Dow Jones remains in an uptrend unlike the S&P 500 and Nasdaq, with its 50-day moving average at 48961.84 providing key support and upside targets at 50372.00 and the all-time high of 50512.79.

Market Summary: U.S. Indices Hold Weekly Gains Ahead of Key Economic Data

Key Market Developments

U.S. stock index futures edged higher on February 20, 2026, as traders positioned ahead of critical economic releases and a Supreme Court ruling. The S&P 500 and Nasdaq Composite are attempting to preserve weekly gains, while the Dow Jones seeks to turn positive for the week.

Critical Catalysts

Three major events are driving market uncertainty:

• GDP data release
• Personal Consumption Expenditures (PCE) price index report (key Fed inflation indicator)
• Supreme Court decision on the legality of Trump's tariffs under the International Emergency Economic Powers Act

Technical Analysis

S&P 500: Currently in a downtrend, facing resistance at 6,888.89-6,915.65 after Wednesday's rejection at 6,909.12. The index sits below its 50-day moving average at 6,894.82. Support lies at 6,762.10-6,705.42. Breaking above the 50-day MA would signal strength; falling below support could trigger further selling.

Nasdaq Composite: Also downtrending, with bulls needing to clear formidable resistance at 23,307.57 (50-day MA), 23,320.62, and 23,326.83 to shift momentum upward. Support found at 22,256.76, near the major retracement zone of 22,290.08-21,881.82. The 200-day moving average at 21,853.38 represents deeper support.

Dow Jones Industrial Average: Slightly negative for the week but remains in an uptrend above its 50-day MA at 48,961.84. Upside targets at 50,372.00 and all-time high of 50,512.79.

Market Implications

The upcoming GDP and PCE data could significantly influence Federal Reserve policy decisions, making this a pivotal session for determining near-term market direction across all major indices.