NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As SpaceX Rallies 7%

Oil prices were swinging between gains and losses as traders focused on U.S. efforts to restart peace talks between Russia and Ukraine. It remains to be seen whether Russia and Ukraine are ready for serious negotiations, although both countries have agreed to restart the trilateral format of talks.

U.S. – Iran negotiations continued but no progress was achieved. Iran indicated that it wanted the U.S. to lift the naval blockade. Most likely, U.S. will not lift the naval blockade without serious concessions from Iran. The probability of the restart of the military operation against Iran remains high.

Treasury yields gained ground as traders focused on high oil prices. The yield of 2-year Treasuries climbed above the 4.82% level, while the yield of 10-year Treasuries settled near the 5.15% level. Rising Treasury yields put some pressure on stocks in today’s trading session.

Industrials and technology stocks were among the biggest gainers in the SP500 index today. Real estate and consumer defensive stocks moved lower as demand for safe-haven assets declined.

If SP500 settles back above the 50 MA at 7755, it will head towards the nearest resistance, which is located in the 7780 – 7790 range. On the support side, a successful test of the support at 7720 – 7730 will open the way to the test of the next support at 7615 – 7625.