NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Tesla Soars 10.8%

SP500

SP500 gains ground as traders react to PMI reports and focus on Trump’s tariff plans. Manufacturing PMI decreased from 52.7 in February to 49.8 in March, compared to analyst forecast of 51.8. Numbers below 50 show contraction. The manufacturing sector found itself under some pressure as businesses evaluated the first impact of trade wars. Meanwhile the services sector performed better than analysts expected. Services PMI increased from 51 to 54.3, compared to analyst consensus of 50.8. The strength of the services sector boosted Composite PMI, which increased from 51.6 to 53.5. Recent reports indicated that U.S. President Donald Trump may exclude certain sectors when applying reciprocal tariffs on April 2. These reports provided additional support to SP500. Today’s rally was broad, and all market sectors moved higher. Consumer cyclical and technology stocks were among the best performers in the SP500 index today.

The nearest resistance for SP500 is located in the 5800 – 5810 range. In case SP500 climbs above the 5810 level, it will head towards the next resistance at 5900 – 5910.

NASDAQ

NASDAQ rallied above the resistance at 19,950 – 20,000, supported by strong economic data and tariff news. Tesla, which was up by 10.8%, was the biggest gainer in the NASDAQ index today.

If NASDAQ climbs above the 20,300 level, it will head towards the next resistance level, which is located in the 20,600 – 20,650 range.

Dow Jones

Dow Jones tests resistance at 42,500 – 42,600 amid broad rally in the equity markets. NVIDIA, which is up by 3.4%, is the biggest gainer in the Dow Jones index today. NVIDIA gains ground amid rising demand for tech stocks.

If Dow Jones manages to settle above the 42,600 level, it will move towards the next resistance at 43,100 – 43,200. RSI is close to the overbought territory, but there is enough 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.