NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Meta Rallies 6.2%

SP500 Tests New Highs

SP500 gained ground as traders focused on SK Hynix debut on NASDAQ and reacted to signs of de-escalation in the Middle East.

An IPO of SK Hynix, a chip producer from South Korea, attracted significant interest and raised demand for tech stocks. From a big picture point of view, traders stay bullish on AI.

President Trump indicated that Iran asked for negotiations. He said that negotiations would proceed but the ceasefire was over. Oil markets moved lower as traders shrugged off escalation risks and focused on upcoming negotiations. Falling oil prices raised demand for risk assets, which was bullish for SP500.

Treasury yields gained ground as bond traders worried that Fed would raise rates soon despite the pullback in the oil markets. The yield of 2-year Treasuries climbed above the 4.21% level, while the yield of 10-year Treasuries settled near 4.57%. Rising Treasury yields did not put pressure on stocks today.

There were no important economic reports scheduled to be released today so traders focused on general market sentiment. Basic materials stocks were among the biggest gainers despite the pullback in gold and silver markets. Consumer defensive and utilities stocks have also managed to gain ground in today’s trading session. Real estate and healthcare stocks found themselves under pressure.

SP500 climbed above the resistance at 7540 – 7550 and is trying to settle above the 7580 level. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 7615 – 7625 range. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

On the support side, a move below the 7540 level will push SP500 towards the 50 MA at 7513. If SP500 declines below the 50 MA, it will head towards the support level at 7450 – 7460.

NASDAQ Gains Ground As SK Hynix IPO Boosts Demand For Tech Stocks

NASDAQ moved higher amid solid demand for tech stocks. Meta, which was up by +6.2%, was the biggest gainer in the NASDAQ index today. NVIDIA , which was up by +3.6%, was among the biggest gainers in the index.

Currently, NASDAQ is trying to settle above the resistance level at 29,800 – 29,850. If NASDAQ manages to settle above the 29,850 level, it will move towards the next resistance level at 30,350 – 30,400.

On the support side, a move below the 50 MA at 29,636 will open the way to the test of the support level at 29,350 – 29,400.

Dow Jones Moves Higher As Nike Gains 4%

Dow Jones gained some ground as traders remained bullish ahead of the weekend. Nike, which was up by +4%, was the biggest gainer in the Dow Jones index today.

From the technical point of view, Dow Jones attempts to settle above the resistance at 52,700 – 52,800. In case this attempt is successful, Dow Jones will head towards the next resistance level, which is located in the 53,300 – 53,400 range. It should be noted that recent pullback from historic highs was quickly bought, so the bullish trend stays strong.

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