NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rebounds From Session Lows As Micron Gains 7.7%

SP500

SP500 is losing ground as traders take some profits off the table near historic highs. Treasury yields have moved higher, putting some pressure on major indices. Today, traders had a chance to take a look at the New Home Sales report, which indicated that New Home Sales declined by 0.3% month-over-month in February. Analysts expected that New Home Sales would grow by 3%. Dallas Fed Manufacturing Index decreased from -11.3 in February to -14.4 in March, compared to analyst consensus of -8. The markets did not show strong reaction to the reports, and it looks that traders prefer to wait for stronger catalysts. Energy stocks were among the biggest gainers in the SP500 index today. Demand for energy stocks increased as WTI oil moved towards the $82.00 level amid reports indicating that Russia would cut production to comply with OPEC+ targets.

Currently, SP500 is trying to gain upside momentum after the recent pullback. If SP500 climbs back above the 5250 level, it will move towards the resistance at 5260 – 5270.

NASDAQ

NASDAQ rebounded from session lows as traders used the pullback as an opportunity to increase their positions in tech stocks. Micron  was the biggest gainer in the NASDAQ index today. The stock is up by 7.8% as traders stay focused on the recent earnings report. From a big picture point of view, traders stay extremely bullish on AI-related stocks.

The technical picture has not changed for NASDAQ as the index remains stuck near the key resistance level at 18,350 – 18,400.

Dow Jones

Dow Jones remains under pressure as traders continue to take profits after the recent move. The pullback is broad, and the majority of Dow Jones components are moving lower in today’s trading session.

The nearest support level for Dow Jones is located in the 39,250 – 39,300 range. A move below 39,250 will open the way to the test of the support at 38,500 – 38,550.

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