NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Is Mostly Flat Despite Tesla’s Rally

SP500

SP500 is mostly flat despite the strong rally in Tesla stock. Tesla is up by 14.1% as the company received FSD approval in China. Today, traders also focused on the Dallas Fed Manufacturing Index report. The report showed that Dallas Fed Manufacturing Index declined from -14.4 in March to -14.5 in April, compared to analyst consensus of -11. From a big picture point of view, traders have already started to prepare for the Fed Interest Rate Decision, which will be released on Wednesday. Analysts expect that Fed will leave the federal funds rate unchanged, so traders will focus on Powell’s comments.

SP500 has made several attempts to settle above the nearest resistance level at 5100 – 5110. In case SP500 settles above 5110, it will move towards the next resistance, which is located in the 5180 – 5190 range. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ has moved away from recent highs, driven by pullbacks in Alphabet and Meta stocks. Meta remains under pressure after the recent earnings report as traders are worried about the company’s spending on AI. Meanwhile, Alphabet investors are taking some profits off the table near all-time highs.

The nearest resistance level for NASDAQ is located in the 17,800 – 17,900 range. A successful test of this level will push NASDAQ towards the next resistance at 18,300 – 18,400.

Dow Jones

Dow Jones did not manage to test the 38,500 level as Intel stock remained under pressure. Intel is moving lower as traders react to the disappointing guidance, which was released several days ago.

In case Dow Jones climbs above the nearest resistance at 38,500 – 38,550, it will head towards the next resistance at 39,050 – 39,150. On the support side, a move below the 50 MA at 38,150 will open the way to the test of the support at 37,800 – 37,900.

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