NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Tesla Soars 9.2%

SP500

SP500 gains ground as traders focus on China’s decision to exempt certain U.S. imports from tariffs. Meanwhile, Donald Trump said that that another pause in his “reciprocal” tariffs was unlikely, urging countries to negotiate deals in the 90-day period. He also noted that he would not lift his extraordinary tariffs on China unless the country offered “something substantial” to the U.S. Today, traders also had a chance to take a look at the final reading of Michigan Consumer Sentiment report for April. The report showed that Michigan Consumer Sentiment decreased from 57.0 to 52.2, compared to analyst consensus of 50.8. Consumers remain worried about the impact of trade wars, although it looks that sentiment has stabilized since the start of the month.

SP500 continues its attempts to settle above the resistance at 5490 – 5500. If SP500 manages to stay above the 5500 level, it will move towards the next resistance level at 5590 – 5600. RSI remains in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is moving higher as traders stay bullish ahead of the weekend. Traders bet that the U.S. and China will ultimately start negotiating and reach a trade deal. Tesla, which is up by 9.2%, is among the biggest gainers in the NASDAQ index today. The stock soared as traders reacted to favorable regulatory changes that could facilitate Tesla’s innovation in self-driving technology.

The nearest resistance level for NASDAQ is located in the 19,500 – 19,550 range. A move above the 19,550 level will push NASDAQ towards the next resistance at 19,950 – 20,000.

Dow Jones

Dow Jones continued its attempts to settle above the nearest resistance level at 40,000 – 40,100.

If Dow Jones manages to settle above this resistance level, it will move towards the next resistance at 40,900 – 41,000.

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