NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Tests New Highs As 3M Gains 4.3%

SP500

SP500 is moving higher as traders focus on Donald Trump’s executive orders and evaluate the trade policy outlook. Treasury yields moved lower, providing additional support to SP500. The yield of 10-year Treasuries settled near the 4.57% level as bond traders reduced their bets on hawkish Fed. Most market sectors gained ground in today’s trading session. However, energy stocks did not gain upside momentum as traders reacted to the pullbacks in natural gas and oil markets.

Currently, SP500 is trying to settle above the 6050 level. In case this attempt is successful, SP500 will head towards the resistance at 6090 – 6100. It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing.

NASDAQ

NASDAQ gains ground as demand for tech stocks remains strong. Arm Holdings and Micron are the biggest gainers in the NASDAQ index today. Apple is down by 3.7% after an analyst downgrade. Jefferies cut the rating from Hold to Underperform and reduced the price target to $200.75.

NASDAQ continues its attempts to settle above the resistance at 21,550 – 21,600. A move above the 21,600 level will push NASDAQ towards the next resistance level at 22,050 – 22,100.

Dow Jones

Dow Jones tests new highs as the rally continues. Apple’s pullback did not put pressure on Dow Jones as most stocks in the index moved higher. 3M, which was up by 4.3%, was the best performer in the Dow Jones index today. The stock rallied as traders reacted to the strong earnings report.

Currently, Dow Jones is trying to settle above the resistance at 44,000 – 44,100. In case this attempt is successful, Dow Jones will move towards the next resistance level at 44,400 – 44,500. RSI remains in the overbought territory, and the risks of a pullback are rising.

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