NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Tests Historic Highs As 3M Gains 6.4%

SP500

SP500 managed to gain some ground despite Trump’s comments on U.S. – China trade relations. U.S. President noted that he was unsure whether he would meet China’s Xi this month. SP500 stays close to historic highs but traders are waiting for additional catalysts in absence of economic reports, which are not released due to U.S. government shutdown. Basic materials stocks were among the biggest losers in the SP500 index today. Newmont Corporation , which was down by 8.9%, was the worst performer. The stock pulled back as traders focused on the strong sell-off in gold and silver markets, which was driven by profit-taking.

The nearest resistance level for SP500 is located in the 6765 – 6775 range. A move above the 6775 level will push SP500 towards the 6800 level. RSI is in the moderate territory, so there is enough room to gain additional upside momentum in case the right catalysts emerge.

NASDAQ

NASDAQ continues its attempts to settle above the resistance level at 25,150 – 25,200 despite worries about U.S. – China trade war. Warner Bros. Discovery, which is up by 9.8%, is the biggest gainer in the NASDAQ index today. The stock rallied after the company revealed that it had received offers for a potential sale and was evaluating its options.

A move above the 25,200 level will provide NASDAQ with an opportunity to gain additional upside momentum and push it towards new highs.

Dow Jones

Dow Jones tested historic highs as 3M stock rallied after the company released its third-quarter earnings report. 3M beat analyst estimates and raised full-year guidance, which was bullish for the company’s shares.

In case Dow Jones manages to settle above the resistance at 46,900 – 47,000, it will head towards the 47,500 level.

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