NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Apple Gains 4.5%

SP500

SP500 gains ground as traders stay optimistic despite U.S. – China tensions. From a big picture point of view, encouraging reports during the earnings season provide material support to major indices. In addition, traders hope that U.S. and China will be able to negotiate a trade deal to avoid high tariffs. The rally is broad, and most market sectors are moving higher in today’s trading session. Basic materials stocks are among the best performers as traders focus on the rally in precious metals markets. Consumer defensive stocks have found themselves under pressure as demand for safe-haven assets declined.

Currently, SP500 is trying to settle above the 6750 level. In case this attempt is successful, it will head towards the nearest resistance, which is located in the 6765 – 6775 range. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term.

NASDAQ

NASDAQ rallied amid strong demand for tech stocks. Apple, which is up by 4.5%, is among the biggest gainers in the NASDAQ index today. The company’s shares gained strong momentum after the stock was upgraded by Loop Capital, which raised the price target from $226 to $315.

NASDAQ attempts to settle above the resistance at 25,150 – 25,200. If NASDAQ manages to settle above the 25,200 level, it will head towards the 25,500 level.

Dow Jones

Dow Jones is moving higher amid broad rally in the equity markets. The rally is led by Apple and Salesforce, which is up by 4.6%.

From the technical point of view, Dow Jones settled above the previous resistance at 46,100 – 46,200 and is trying to settle above the 46,700 level. In case this attempt is successful, Dow Jones will move towards the nearest resistance level at 46,900 – 47,000.

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