NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Is Flat As Disney Falls 9.2%

Vladimir Zernov
Published: May 7, 2024, 19:27 GMT+00:00

Key Points:

  • SP500 tests resistance at 5180 - 5190 as traders focus on falling Treasury yields.
  • NASDAQ is mostly flat as traders take some profits off the table in tech stocks.
  • Dow Jones settled near the 38,900 level despite the strong sell-off in Disney stock.
NASDAQ Index, SP500, Dow Jones Forecasts

In this article:


SP500 070524 4h Chart

SP500 is mostly flat as traders take some profits off the table in tech stocks. Treasury yields are moving lower, providing additional support to major indices. Today, traders had a chance to take a look at the RCM/TIPP Economic Optimism Index report for May. The report indicated that Economic Optimism Index decreased from 43.2 in April to 41.8 in May, compared to analyst consensus of 44.1. It should be noted that the majority of market segments moved higher in today’s trading session, so general market sentiment remains bullish.

Currently, SP500 is trying to settle above the resistance at 5180 – 5190. In case this attempt is successful, SP500 will head towards the next resistance level at 5270 – 5280.


NASDAQ 070524 4h Chart

NASDAQ is swinging between gains and losses amid profit-taking. Tesla, which is down by 3.5%, is among the biggest losers in the NASDAQ index today. The stock has found itself under pressure as traders reacted to the reports indicating that production in Tesla’s German plant will be stopped due to protests against expansion plans.

If NASDAQ manages to settle above the 18,100 level, it will head towards the nearest resistance, which is located in the 18,300 – 18,400 range.

Dow Jones

Dow Jones
Dow Jones 070524 4h Chart

Dow Jones is mostly flat despite the strong sell-off in Disney stock. Disney is down by 9.2% as traders react to the company’s earnings report. Traders are worried about the performance of the company’s streaming business. Disney will cut production of Marvel films due to the so-called superhero fatigue, which may have a negative impact on the company’s financial performance in the long term.

The nearest resistance level for Dow Jones is located in the 39,000 – 39,100 range. A successful test of this level will open the way to the test of the next resistance at 39,900 – 40,000.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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