NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Test New Highs As Traders Stay Bullish

SP500

SP500 gains ground as traders focus on trade war news and bet that U.S. will soon announce first deals. Donald Trump’s decision to adjust tariff policy for automakers provided additional support to the market. Today, traders had a chance to take a look at JOLTs Job Openings report. The report indicated that JOLTs Job Openings declined from 7.48 million in February to 7.192 million in March, compared to analyst forecast of 7.48 million. The potential weakness of the job market may force the Fed to cut rates. CB Consumer Confidence decreased from 92.9 in March to 86.0 in April, compared to analyst consensus of 87.5. Tariff uncertainty continues to put pressure on Consumer Confidence.

The nearest resistance level for SP500 is located in the 5590 – 5600 range. If SP500 climbs above the 5600 level, it will head towards the next resistance at 5700 – 5710. RSI remains in the moderate territory, so there is enough room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is moving higher amid rising demand for tech stocks. It should be noted that traders are cautious amid worries about the impact of U.S. – China trade war.

Currently, NASDAQ is trying to settle above the resistance at 19,500 – 19,550. In case this attempt is successful, NASDAQ will move towards the next resistance level at 19,950 – 20,000.

Dow Jones

Dow Jones climbed above the 40,500 level and is trying to gain additional upside momentum. Sherwin-Williams and Honeywell International were the biggest gainers in the Dow Jones index today. Both stocks gained upside momentum as traders reacted to companies’ earnings reports.

If Dow Jones settles above the 40,600 level, it will head towards the nearest resistance level, which is located in the 40,900 – 41,000 range.

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