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SP500 gains some ground but it looks that traders are not ready for big moves in the absence of economic news. Energy stocks are among the biggest gainers today as oil markets move towards their recent highs amid worries about tight supply. Treasury yields and U.S. dollar are mostly flat today.
From the technical point of view, SP500 found support in the 4430 – 4450 range and is trying to gain upside momentum. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge. In order to have a chance to move higher, SP500 must climb above the 200 MA at 4485. In this case, SP500 will have a decent chance to move towards the resistance at 4575 – 4600.
NASDAQ is moving higher as Apple stock rebounds after the recent sell-off. It remains to be seen whether this rebound will be sustainable in the near term as traders are worried about worsening U.S. – China relations, which may hurt profits of various tech companies.
NASDAQ found support in the 15,200 – 15,300 range but did not manage to gain strong momentum. At this point, it looks that NASDAQ will stay near the current levels until next week.
Dow Jones
Dow Jones remains stuck near the 34,500 – 34,600 level as traders are waiting for additional catalysts. There are no big gainers and losers in the Dow Jones index today.
If Dow Jones manages to settle back above the 34,600 level, it will head towards the nearest material resistance at 35,000 – 35,100.
For a look at all of today’s economic events, check out our economic calendar.
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