NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Tests Historic Highs As United Airlines Stock Soars 15%

SP500

SP500 gains ground as traders ignore tariff threats and focus on the better-than-expected Initial Jobless Claims report. The report indicated that 227,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 235,000. Most market sectors moved higher in today’s trading session. Airlines stocks were the best performers in the SP500 index today. United Airlines rallied 15%, while Delta Air Lines soared 12%. Traders reacted to the strong quarterly report from Delta Air Lines. Treasury yields moved higher, but this move did not put any pressure on SP500 in today’s trading session.

Currently, SP500 is trying to settle above the resistance at 6280 – 6290. In case this attempt is successful, it will head towards the 6350 level. RSI is close to the overbought territory, but there is enough room to gain momentum in the near term.

NASDAQ

NASDAQ continued its attempts to settle above the resistance level at 22,850 – 22,900. Advanced Micro Devices, which was up by 3.6%, was the best performer in the NASDAQ index today.

A move above the resistance at 22,850 – 22,900 will push NASDAQ towards the 22,900 level. In case NASDAQ fails to climb above 22,900, it will pull back towards the 50 MA at 22,698.

Dow Jones

Dow Jones climbed above the resistance at 44,600 – 44,700 as traders remained bullish. Financial stocks were among the biggest gainers in the Dow Jones index today.

If Dow Jones manages to settle above the resistance at 44,600 – 44,700, it will head towards the next resistance level at 45,000 – 45,100. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge. On the support side, a move below the 50 MA at 44,418 will push Dow Jones towards the support level at 43,900 – 44,000.

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