NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies Ahead Of NVIDIA’s Report
Treasury yields moved lower as bond traders focused on the situation in the Middle East. The yield of 2-year Treasuries declined below the 4.05% level, while the yield of 10-year Treasuries settled near 4.57%. Falling Treasury yields provided additional support to SP500.
Today’s rally was broad, and most market sectors moved higher in today’s trading session. Basic materials stocks were among the biggest gainers as traders reacted to the rally in precious metals markets.
Not surprisingly, energy stocks found themselves under pressure as traders focused on strong pullbacks in oil and natural gas markets.
Currently, SP500 is trying to settle above the resistance level at 7425 – 7430. In case this attempt is successful, SP500 will move towards the next resistance, which is located in the 7515 – 7525 range.
On the support side, a move below the 50 MA at 7414 will push SP500 towards the support level at 7350 – 7360.