NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Tesla Gains 6.8%

SP500

SP500 gains some ground as traders react to the weaker-than-expected ISM Manufacturing PMI report for June. The report indicated that ISM Manufacturing PMI declined from 48.7 in May to 48.5 in June, compared to analyst consensus of 49.1. Numbers below 50 show contraction. Today, traders also had a chance to take a look at the final reading of S&P Global Manufacturing PMI report for June, which showed that Manufacturing PMI increased from 51.3 to 51.6. Treasury yields continued to move higher. It should be noted that yields increased across developed markets. However, traders ignored rising Treasury yields, which is a typical scenario in recent months. Tech stocks were among the biggest gainers in SP500 today, while the yield-sensitive real estate stocks have found themselves under pressure.

SP500 remains stuck between the support at 5440 – 5450 and the resistance at 5520 – 5530. In case SP500 manages to settle above the 50 MA at 5486, it will move towards the 5520 level.

NASDAQ

NASDAQ gains ground amid strong demand for tech stocks. Tesla, which is up by 6.8% today, is the biggest gainer in the NASDAQ index today. The stock gained strong upside momentum as traders bet that the company’s second-quarter deliveries report would exceed analyst expectations.

In case NASDAQ manages to settle above the 19,800 level, it will head towards the nearest resistance, which is located in the 20,000 – 20,100 range.

Dow Jones

Dow Jones is mostly flat due to the pullback in consumer and industrials stocks. Merck, Apple and Amazon are the best performers in the Dow Jones index today.

The nearest support level for Dow Jones is located in the 39,000 – 39,100 range. In case Dow Jones declines below the 39,000 level, it will move towards the next support at 38,500 – 38,550. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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