NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Mixed As Traders Wait For Catalysts

SP500

SP500 is losing some ground as traders take profits off the table ahead of the weekend. It should be noted that general market sentiment remains extremely bullish, so the pullback is modest. Today, traders had a chance to take a look at the Michigan Consumer Sentiment report for June. The report showed that Consumer Sentiment declined from 69.1 to 65.6, compared to analyst consensus of 72. Treasury yields continued to move lower, providing additional support to SP500. Tech stocks were among the best performers in the index today, while energy stocks have found themselves under pressure.

The nearest significant resistance level for SP500 is located in the 5440 – 5450 range. A move above 5450 will push SP500 towards the 5500 level.

NASDAQ

NASDAQ continues its attempts to settle above the resistance at 19,600 – 19,650 as demand for tech stocks stays strong. Adobe, which is up by 14.4%, is the biggest gainer in the NASDAQ index today. The stock rallied after the company released its earnings report and highlighted AI potential.

If NASDAQ climbs above 19,650, it will head towards the 20,000 level. RSI is in the overbought territory, but there is some room to gain additional momentum in case the right catalysts emerge.

Dow Jones

Dow Jones rebounded from session lows but did not manage to get back into the positive territory. The majority of Dow Jones components have moved lower in today’s trading session.

In case Dow Jones settles back above the 38,550 level, it will head towards the 50 MA at 38,750. RSI is in the moderate territory, so there is plenty of room to gain momentum. On the support side, a move below 38,300 will open the way to the test of the next support level, which is located in the 38,000 – 38,100 range.

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