NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Tesla Soars 7.6%
Today, traders had a chance to take a look at the NAHB Housing Market Index report. The report showed that NAHB Housing Market Index decreased from 38 in March to 34 in April, compared to analyst forecast of 37.
Current sales conditions fell from 41 in March to 37 in April. Sales expectations in the next six months decreased from 49 to 42, while traffic of prospective buyers declined from 25 to 22. NAHB noted that elevated interest rates and growing economic uncertainty put pressure on home buyers.
Consumer cyclical, technology, and financial stocks were among the biggest gainers in the SP500 index today. Industrials, basic materials and utilities stocks have found themselves under pressure.
SP500 settled above the previous resistance at 6960 – 6970 and is trying to settle above the resistance level at 7010 – 7020. In case this attempt is successful, SP500 will move towards the 7050 level. It should be noted that RSI is in the extremely overbought territory, so the risks of a pullback are rising.