NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Rebound From Session Lows On Ceasefire Hopes

SP500 Rebounds From Session Lows

SP500 moved away from session lows amid reports indicating that Pakistan asked Trump to extend the deadline by two weeks.

Earlier, Trump threatened to destroy Iranian civilization if the country did not agree to a deal and did not unblock the Strait of Hormuz. In turn, Iran threatened to destroy energy-related infrastructure in the region.

WTI oil prices made an attempt to settle above the $117.00 level but lost momentum and pulled back towards $113.00 as traders waited for news from the Middle East. At this point, traders do not believe in additional escalation in Iran, but markets remain cautious.

Today, traders had a chance to take a look at the Durable Goods Orders report for February. The report indicated that Durable Goods Orders decreased by -1.4% on a month-over-month basis, compared to analyst forecast of -0.5%. Durable Goods Orders ex Transp grew by +0.8%, while analysts expected that they would increase by +0.5%.

Not surprisingly, energy stocks were among the biggest gainers in the SP500 index today. Demand for energy stocks increased amid rising tensions in the Middle East. Utilities and Real Estate stocks have also moved higher amid rising demand for safe-haven assets.

From the technical point of view, SP500 settled between the support at 6550 – 6560 and the resistance at 6640 – 6650. In case SP500 climbs above the 6650 level, it will move towards the next resistance, which is located in the 6760 – 6770 range.

On the support side, a move below the 6550 level will push SP500 towards the 50 MA at 6519. In case SP500 declines below the 50 MA, it will head towards the 6470 level.

NASDAQ Attempts To Settle Back Above 24,000

NASDAQ has also managed to rebound from session lows as some traders were ready to bet that Trump would extend his deadline.

Intel, which was up by 3.1%, was among the biggest gainers in the NASDAQ index today. The stock moved higher as Intel joined Elon Musk’s Terafab chips project.

Currently, NASDAQ is trying to settle back above the support at 24,000 – 24,050. In case this attempt is successful, NASDAQ will move towards the resistance level at 24,350 – 24,400.

On the support side, a move below the 23,900 level will open the way to the test of the 50 MA at 23,743. If NASDAQ pulls back below the 50 MA, it will head towards the support level at 23,500 – 23,550.

Dow Jones Is Losing Ground Despite Unitedhealth Group’s Rally

Dow Jones remained under pressure as traders worried about high energy prices and focused on geopolitical tensions.

Unitedhealth Group, which was up by 9.2%, was the biggest gainer in the Dow Jones index today. The stock rallied as Medicare Advantage 2027 rate hike was finalized at 2.48%.

Chevron  gained 1.2% as demand for energy stocks increased amid tensions in the Middle East.

It should be noted that most stocks in the Dow Jones index pulled back in today’s trading session.

The nearest resistance level for Dow Jones is located in the 46,600 – 46,700 range. A successful test of this level will open the way to the test of the next resistance at 47,400 – 47,500.

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