NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Micron Soars 12%
Oil prices gained ground as U.S. – Iran fighting continued. There are no signs indicating that U.S. and Iran are ready to get back to negotiations. The situation may escalate as Yemen’s Houthis have recently announced that they imposed a maritime blockade on Saudi Arabian ports. At this point, Houthis have not attacked any vessels.
Tech stocks are among the biggest gainers in the SP500 index today. Basic materials stocks have also moved higher as traders reacted to the strong rally in precious metals markets. Energy stocks gained ground, supported by rising oil prices.
Consumer defensive stocks pulled back as demand for safe-haven assets declined. Real estate and utilities stocks have also found themselves under pressure as traders focused on rising Treasury yields.
Currently, SP500 is trying to settle above the 7500 level. In case this attempt is successful, SP500 will get to the test of the 50 MA at 7528. A move above the 50 MA will push SP500 towards the resistance level at 7540 – 7550. In case SP500 climbs above the 7550 level, it will head towards the resistance at 7615 – 7625.