NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Arm Holdings Stock Gains 5.2%

SP500

SP500 is mostly flat as traders react to the Existing Home Sales report, which indicated that Existing Home Sales declined by 5.4% month-over-month in June. Analysts expected that Existing Home Sales would grow by 3%, so the report missed analyst expectations. Most market segments moved higher as traders focused on falling Treasury yields. Energy stocks found themselves under pressure as oil markets tested new lows amid worries about China’s economy and declining geopolitical premium. United Parcel Service was down by 13.2% after missing analyst expectations and cutting guidance.

SP500 has recently made an attempt to settle above the resistance at 5590 – 5600 but this attempt yielded no results. If SP500 pulls back below the 5550 level, it will head towards the nearest support at 5520 – 5530.

NASDAQ

NASDAQ gained some ground amid lack of strong catalysts. Arm Holdings, which was up by 5.2%, was the biggest gainer in the NASDAQ index today. Demand for chip stocks remains strong as traders stay focused on the AI revolution.

From the technical point of view, NASDAQ remains stuck between the support at 19,600 – 19,650 and the resistance at 20,000 – 20,100. NASDAQ needs to get out of the current trading range to have a chance to gain sustainable momentum.

Dow Jones

Dow Jones is slowly moving higher as traders wait for additional catalysts. Boeing, which was up by 4.3%, was the biggest gainer in the Dow Jones index today.

The nearest support level for Dow Jones is located in the 40,300 – 40,400 range. If Dow Jones declines below the 40,300 level, it will head towards the next support at 39,700 – 39,800. On the upside, a move above 40,500 will open the way to the test of the nearest resistance level at 41,300 – 41,400.

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