NASDAQ Index, SP500, Dow Jones Forecasts – SP500 And NASDAQ Test Historic Highs As Rally Continues

SP500

SP500 tests new highs as traders stay bullish ahead of the weekend. Today, traders focused on the Durable Goods Orders report for June. The report indicated that Durable Goods Orders decreased by -9.3% month-over-month, compared to analyst consensus of -10.8%. Durable Goods Orders ex Transp increased by +0.2% on a month-over-month basis, compared to analyst forecast of +0.1%. Industrials stocks were among the biggest gainers in the SP500 index today. Energy stocks have found themselves under pressure as traders reacted to the pullback in the oil markets.

SP500 continues its attempts to settle above the resistance level at 6390 – 6400. If SP500 settles above the 6400 level, it will head towards the 6450 level. Traders should note that RSI is in the overbought territory, so the risks of a pullback are increasing.

NASDAQ

NASDAQ is moving higher as demand for tech stocks stays strong. The strong sell-off in Intel stock, which is down by 9.4%, did not put pressure on the NASDAQ index today. Intel suffered a sell-off as its second-quarter earnings missed analyst estimates, raising worries about success of the company’s turnaround.

NASDAQ climbed above the resistance at 23,150 – 23,200 and is heading towards the 23,500 level. A move above 23,500 will push NASDAQ towards the 24,000 level.

Dow Jones

Dow Jones gained ground amid strong demand for industrials and financial stocks. The index received support at 44,600 – 44,700 and is trying to settle above the 44,900 level.

In case this attempt is successful, Dow Jones will head towards the nearest resistance level, which is located in the 45,000 – 45,100 range. If Dow Jones climbs above 45,100, it will head towards the 45,500 level. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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