NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Sandisk Soars 9.8%

SP500 Moves Higher As JOLTs Job Openings Exceed Estimates

SP500 gains ground as traders react to the better-than-expected JOLTs Job Openings report. The report indicated that JOLTs Job Openings increased from 7.585 milion in April to 7.594 million in May, compared to analyst forecast of 7.30 million.

Treasury yields moved higher as bond traders reacted to strong job market data. The yield of 2-year Treasuries climbed above the 4.13% level, while the yield of 10-year Treasuries settled above 4.42%. Rising Treasury yields did not put pressure on SP500.

Today, traders also focused on the CB Consumer Confidence report. The report showed that CB Consumer Confidence increased from 90.6 (revised from 93.1) in May to 91.2 in June, compared to analyst consensus of 94.7.

Chicago PMI pulled back from 62.7 in May to 56.7 in June, compared to analyst forecast of 58.1. Case-Shiller Home Price index report showed that home prices increased by +1.1% year-over-year in April, exceeding the analyst forecast of +0.9%.

Tech stocks were among the biggest gainers today as traders rushed to buy AI-related names. Industrials stocks have also moved higher as traders reacted to the pullback in the oil markets.

Real estate stocks pulled back as traders reacted to rising Treasury yields. Consumer defensive and utilities stocks declined amid falling demand for safe-haven assets.

In case SP500 stays above the 7500 level, it will head towards the nearest resistance, which is located in the 7540 – 7550 range. A successful test of the resistance at 7540 – 7550 will open the way to the test of the next resistance at 7615 – 7625. RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in the near term.

NASDAQ Tests New Highs

NASDAQ rallied amid strong demand for tech stocks. Sandisk, which was up by +9.8%, was the biggest gainer in the NASDAQ index today. The stock rallied as Bernstein raised the target price for Sandisk shares to $3000.

Strategy  was the biggest loser in the NASDAQ index today. The stock pulled back by -7% as Bitcoin declined below the $59,000 level. TD Cowen cut the price target for Strategy from $260 to $400, putting additional pressure on the stock.

Currently, NASDAQ is trying to settle above the resistance level at 30,200 – 30,250. In case this attempt is successful, NASDAQ will head towards the next resistance, which is located in the 30,700 – 30,750 range.

Dow Jones Gains Ground As Traders Stay Bullish Near Historic Highs

Dow Jones moved higher, supported by rising demand for NVIDIA and Apple shares. Both stocks gained about 2% as traders rushed to buy shares of tech companies.

Dow Jones climbed above the resistance at 52,100 – 52,200 and is moving towards the 52,400 level. In case Dow Jones manages to settle above 52,400, it will head towards historic highs near the 52,700 level. If Dow Jones climbs above 52,700, it will head towards the 53,000 level.

On the support side, a move below the 52,000 level will push Dow Jones towards the 50 MA at 51,820. If Dow Jones pulls back below the 50 MA at 51,820, it will head towards the support level at 51,600 – 51,700.

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