NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As SpaceX Soars 11%
Traders also focused on the situation in the oil markets. Oil prices were swinging between gains and losses amid geopolitical uncertainty. At this point, there are no signs indicating that U.S. and Iran are ready for a temporary deal.
Industrials and technology stocks were among the biggest gainers in the SP500 today. Consumer cyclical and communication services stocks found themselves under pressure.
If SP500 manages to settle above the 7750 level, it will move towards the nearest resistance level, which is located in the 7790 – 7800 range. A successful test of the resistance at 7790 – 7800 will provide SP500 with an opportunity to gain additional upside momentum. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.
On the support side, the nearest support level for SP500 is located in the 7720 – 7730 level. If SP500 pulls back below the 7720 level, it will head towards the 50 MA at 7704. A move below the 50 MA will push SP500 towards the support at 7615 – 7625.