NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As SpaceX Rallies 7%

SP500 Gained Some Ground As Traders Waited For Reports From Meta And Tesla

SP500 pulled back from session highs as traders prepared for earnings reports from Meta and Tesla, which would be released after market close.

There were no important economic reports scheduled to be released today, so traders focused on earnings reports and monitored the developments in the oil markets.

Oil prices were swinging between gains and losses as traders focused on U.S. efforts to restart peace talks between Russia and Ukraine. It remains to be seen whether Russia and Ukraine are ready for serious negotiations, although both countries have agreed to restart the trilateral format of talks.

U.S. – Iran negotiations continued but no progress was achieved. Iran indicated that it wanted the U.S. to lift the naval blockade. Most likely, U.S. will not lift the naval blockade without serious concessions from Iran. The probability of the restart of the military operation against Iran remains high.

Treasury yields gained ground as traders focused on high oil prices. The yield of 2-year Treasuries climbed above the 4.82% level, while the yield of 10-year Treasuries settled near the 5.15% level. Rising Treasury yields put some pressure on stocks in today’s trading session.

Industrials and technology stocks were among the biggest gainers in the SP500 index today. Real estate and consumer defensive stocks moved lower as demand for safe-haven assets declined.

If SP500 settles back above the 50 MA at 7755, it will head towards the nearest resistance, which is located in the 7780 – 7790 range. On the support side, a successful test of the support at 7720 – 7730 will open the way to the test of the next support at 7615 – 7625.

NASDAQ Tested New Highs As SpaceX Exceeded Analyst Estimates

NASDAQ moved higher as SpaceX shares gained 7% after the release of the encouraging earnings report. Elon Musk said that SpaceX and Tesla boards were thinking about combining both companies. According to Musk, a potential combination would be beneficial for SpaceX and Tesla.

In case NASDAQ stays above the support level at 29,700 – 29,750, it will head towards the nearest resistance level at 30,100 – 30,150. On the support side, a move below the 29,700 level will open the way to the test of the next support at 29,250 – 29,300.

Dow Jones Tested Resistance At 52,800 – 52,900

Dow Jones tested new highs as rebound from October lows continued. IBM and NVIDIA were the biggest gainers in the Dow Jones index today. The stocks moved higher amid rising demand for shares of AI-related companies.

The nearest resistance level for Dow Jones is located in the 52,800 – 52,850 range. If Dow Jones climbs above the 52,850 level, it will head towards the next resistance at 53,600 – 53,700. RSI is in the moderate territory, so there is plenty of room to gain upside momentum in case the right catalysts emerge.

On the support side, a successful test of the support level at 52,300 – 52,400 will push Dow Jones towards the 50 MA at 52,029.

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