NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Gain Ground As Apple Soars 5.5%

SP500

SP500 gains ground as traders focus on the strong rally in Apple stock. Apple gained 5.5% as the company pledged to invest $100 billion in U.S. manufacturing. Traders also focused on additional tariffs on India, which were imposed due to the country’s purchases of Russian oil. At this point, trade war fears did not put pressure on stocks. Consumer defensive and consumer cyclical stocks were among the biggest gainers in the SP500 index today. Healthcare and energy stocks have found themselves under pressure.

Currently, SP500 is trying to settle above the resistance at 6340 – 6350. In case this attempt is successful, it will head towards the next resistance level, which is located in the 6430 – 6440 range.

NASDAQ

NASDAQ tested new highs, supported by the strong performance of Apple stock. Shopify, which gained 21.2%, was the biggest gainer in the NASDAQ index today. The stock rallied as traders reacted to the better-than-expected earnings report.

NASDAQ moved above the resistance level at 23,150 – 23,200 and is trying to settle above the 50 MA at 23,240. In case this attempt is successful, NASDAQ will head towards the next resistance, which is located in the 23,450 – 23,500 range.

Dow Jones

Dow Jones gained some ground amid broad rally in the equity markets. Apple, Walmart and McDonald’s were the biggest gainers in the Dow Jones index today.

From the technical point of view, Dow Jones settled above the support at 43,900 – 44,000 and is trying to settle above the 44,300 level. In case this attempt is successful, Dow Jones will head towards the resistance level, which is located in the 44,500 – 44,600 range. On the support side, a move below the 43,900 level will push Dow Jones towards the next support at 43,300 – 43,400.

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