NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Tests Historic Highs In Shortened Session

SP500

SP500 tested historic highs as traders remained bullish ahead of the weekend. There were no economic reports scheduled to be released today, and traders focused on general market sentiment. Most market sectors moved higher in today’s trading session. Real estate was the only sector that found itself under pressure. Treasury yields pulled back, providing additional support to SP500. The yield of 2-year Treasuries declined towards the 4.16% level, while the yield of 10-year Treasuries pulled back towards 4.18%. From a big picture point of view, traders look ready to push SP500 towards the 6100 level.

In case SP500 stays above the resistance at 6020 – 6030, it will gain additional upside momentum and move above the 6050 level. RSI is close to the overbought territory, but there is enough room to gain momentum in the near term.

NASDAQ

NASDAQ gained ground amid rising demand for tech stocks. Tesla and NVIDIA were among the biggest gainers in the NASDAQ index today.

If NASDAQ manages to settle above the 21,000 level, it will get to the test of the nearest resistance at 21,100 – 21,200. This resistance level has been tested several times and proved its strength.

Dow Jones

Dow Jones tested resistance at 44,900 – 45,000 as most stocks in the index moved higher. NVIDIA and Boeing were the biggest gainers in the Dow Jones index today.

From the technical point of view, Dow Jones stabilized below the resistance at 44,900 – 45,000  and looks ready to climb above the 45,000 level. RSI remains in the moderate territory, so there is enough room to gain momentum in case the right catalysts emerge. If Dow Jones settles above the 45,000 level, it will head towards the 45,500 level.

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