NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As AMD Soars 8%

SP500

SP500 pulled back from session highs as traders reacted to Bessent’s comments about U.S. – China relations. U.S. Treasury Secretary noted that U.S. was ready to postpone high tariffs on Chinese goods if China cancelled its plan for export controls on rare earths. Bessent said that U.S. and China will negotiate in the upcoming weeks. From a big picture point of view, traders worry that U.S. and China will not be able to reach common ground in the near term. However, the market is not ready to bet that negotiations will fail, so stocks are swinging back and forth in a wide trading range. Most market sectors moved higher in today’s trading session. Industrials stocks have found themselves under pressure, although the sector’s pullback was not strong.

SP500 found support near the 6620 level and rebounded towards the 6670 level. In case SP500 settles above 6670, it will head towards the nearest resistance, which is located in the 6700 – 6710 range. A move above this level will open the way to the test of the resistance at 6760 – 6770.

NASDAQ

NASDAQ gained ground in volatile trading as traders focused on U.S. – China trade war, which is an important catalyst for tech stocks. Advanced Micro Devices, which was up by 8%, was the biggest gainer in the NASDAQ index today. The stock rallied amid strong demand for chip stocks.

If NASDAQ manages to settle above the resistance at 24,750 – 24,800, it will head towards the next resistance level, which is located near recent highs at 25,150 – 25,200.

Dow Jones

Dow Jones pulled back from session highs amid falling demand for industrials stocks. Honeywell, which was down by 2.7%, was among the biggest losers in the Dow Jones index today.

The nearest support level for Dow Jones is located in the 46,100 – 46,200 range. A successful test of this level will push Dow Jones towards the next support at 45,700 – 45,800.

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