NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Some Ground In Quiet Trading

SP500

SP500 gained some ground as traders waited for catalysts. The market prepares for inflation data, which will be released on Wednesday. Treasury yields tested new highs as bond traders bet on a more hawkish Fed. Interestingly, rising Treasury yields did not put any pressure on stock prices. From a big picture point of view, traders stay focused on AI revolution and expect that it will boost economic growth. The market sentiment remains bullish and traders are ready to buy pullbacks. Soon, the rally will be tested by the earnings season. Big banks will present their earnings reports this Friday, so this week may be choppy as traders adjust their positions ahead of the reports.

SP500 has quickly managed to settle back above the 5200 level. The 50 MA at 5228 serves as the nearest resistance level for SP500. If SP500 climbs above the 50 MA, it will head towards the resistance, which is located near recent highs at 5260 – 5270.

NASDAQ

NASDAQ was mostly flat, supported by the rebound in Tesla stock. Tesla, which is up by 5%, is the best performer in the NASDAQ index today. The stock gained upside momentum as Elon Musk announced that he would unveil a Tesla robotaxi in August.

NASDAQ has recently managed to settle above the support at 18,000 – 18,050. If NASDAQ climbs above the 50 MA at 18,200, it will head towards the next resistance at 18,350 – 18,400.

Dow Jones

Dow Jones managed to stabilize above the 38,900 level. Intel was the worst performer in the Dow Jones index today. The stock was down by 1.6% as the strong pullback continued.

In case Dow Jones manages to settle above the 39,000 level, it will head towards the next resistance at 39,250 – 39,300.

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