NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Gain Ground In Quiet Trading

SP500

SP500 gains ground, supported by the solid performance of energy stocks. Traders focus on the strong rally in the oil markets, which was triggered by an encouraging Goldman Sachs report. It should be noted that SP500 did not manage to gain significant momentum. However, demand is broad and most market segments are moving higher. There are no important economic reports scheduled to be released today, and it remains to be seen whether SP500 will try to climb above the recent highs. Fed Interest Rate Decision will be released on Wednesday. In addition, traders will have a chance to take a look at the inflation data for May. These catalysts will have a major impact on markets, so traders may stay cautious ahead of Wednesday.

In case SP500 climbs above the 5370 level, it will move towards the 5400 level. RSI is in the moderate territory, and there is plenty of room to gain momentum.

NASDAQ

NASDAQ is moving towards historic highs as demand for tech stocks remains strong. Interestingly, big names like Advanced Micro Devices, Tesla, and Apple are among the biggest losers in the NASDAQ index today.

From the technical point of view, NASDAQ continues its attempts to settle above the 19,000 level. In case this attempt is successful, NASDAQ will have a good chance to develop strong upside momentum.

Dow Jones

Dow Jones managed to gain some ground amid lack of catalysts. Traders are waiting for Fed decision and inflation data. The trading session is calm, and it is obvious that market participants are not ready for big moves.

The nearest resistance level for Dow Jones is located in the 39,000 – 39,100 range. A move above the 39,100 level will push Dow Jones towards the next resistance at 39,600 – 39,700.

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