NASDAQ Index, SP500, Dow Jones Forecasts – Stock Futures Move Higher On Inauguration Day

SP500

SP500 futures moved higher as traders reacted to Trump’s inauguration. Importantly, Trump does not plan to impose immediate tariffs on China and other countries. Instead, his administration will study the trade policy in general and make decisions later. The absence of day-one tariffs served as the key positive catalyst for SP500 futures.  U.S. dollar found itself under strong pressure as traders rushed to buy currencies that would have suffered if Trump imposed tariffs on his first day in office. The stock markets were closed, and there were no economic reports scheduled to be released today.

SP500 has recently moved above the resistance at 6000 – 6010 level and made an attempt to settle above 6040. A move above this level will open the way to the test of the next resistance, which is located near historic highs at 6090 – 6100. RSI is very close to the overbought territory, but there is enough room to gain additional upside momentum in the near term.

NASDAQ

NASDAQ futures tested resistance at 21,550 – 21,600 as traders focused on tariff policy.

From the technical point of view, NASDAQ is trying to settle above the 21,600 level. In case this attempt is successful, NASDAQ will gain additional momentum and move towards the next resistance level at 22,050 – 22,100. On the support side, a move below the 21,300 level will push NASDAQ towards the nearest support at 21,150 – 21,200.

Dow Jones

Dow Jones futures have also gained upside momentum on Inauguration Day. From a big picture point of view, Dow Jones continues to rebound from multi-month lows that were reached on January 13.

In case Dow Jones settles above the 43,700 level, it will head towards the resistance, which is located in the 44,000 – 44,100 range.

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