NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Moves Higher As Merck Gains 2.9%

SP500

SP500 is swinging between gains and losses as traders focus on tariff policy and react to Trump’s comments on Fed Chair Powell. U.S. President called Powell a “numbskull” and urged him to cut rates. Treasury yields continue to move lower as traders bet that Fed will start cutting rates under pressure from President Trump. U.S. President has also announced a new 19% tariff on Philippines. From a big picture point of view, traders worry that U.S. will not reach deals with key trade partners like EU until the August 1 deadline. However, these worries are not strong enough to trigger a pullback. Basic materials stocks were among the biggest gainers in the SP500 index today as traders focused on the strong rally in gold and silver markets. Meanwhile, tech stocks found themselves under pressure amid profit-taking.

In case SP500 stays above the 6300 level, it will head towards the resistance level at 6340 – 6350.

NASDAQ

NASDAQ pulled back as traders took some profits off the table in tech stocks. Micron and NVIDIA were among the biggest losers in the NASDAQ index today.

From the technical point of view, NASDAQ failed to settle above the resistance at 23,150 – 23,200 and pulled back. If NASDAQ settles below the 23,000 level, it will head towards the support level at 22,850 – 22,900.

Dow Jones

Dow Jones gained some ground and rising demand for healthcare stocks. Merck, AMGEN, and Johnson & Johnson were among the biggest gainers in the Dow Jones index today.

The nearest resistance level for Dow Jones is located in the 44,600 – 44,700 range. A successful test of this level will open the way to the test of the next resistance at 45,000 – 45,100. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

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