NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As NVIDIA Tests Historic Highs
Oil prices moved higher amid lack of progress in U.S. – Iran negotiations. However, this move did not put material pressure on stocks as traders focused on tech earnings, which will be released this week.
Stock traders have also ignored rising Treasury yields. The yield of 2-year Treasuries moved above the 3.80% level, while the yield of 10-year Treasuries climbed towards 4.34%.
Consumer defensive and consumer cyclical stocks were among the biggest losers today. Financial and energy stocks gained ground in today’s trading session.
From the technical point of view, SP500 continues its attempts to settle above the resistance level at 7170 – 7180. If SP500 manages to settle above the 7180 level, it will head towards the 7250 level. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.