NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Test New Highs As Traders Focus On “Big Beautiful Bill”

SP500

SP500 is trying to settle above the resistance level at 6185 – 6195 as traders react to economic reports and focus on Trump’s “Big Beautiful Bill”. Dallas Fed Manufacturing Index increased from -15.3 in May to -12.7 in June, compared to analyst forecast of -10. Chicago PMI pulled back from 40.5 in May to 40.4 in June, compared to analyst consensus of 43. The reports did not have a significant impact on market dynamics today. The Bill, which will bring tax cuts, is viewed as bullish by traders, although some analysts worry about its potential impact on the health of the U.S. debt market. Most market sectors moved higher in today’s trading session. Consumer cyclical, real estate and energy stocks have found themselves under pressure.

In case SP500 manages to settle above the 6195 level, it will head towards the 6250 level. On the support side, a move below 6150 will push SP500 towards the nearest support at 6090-6100.

NASDAQ

NASDAQ tested new highs but lost momentum and pulled back as traders waited for additional catalysts. Strategy, which was up by 5.6%, was the biggest gainer in the NASDAQ index today.

If NASDAQ settles above the resistance level at 22,550 – 22,600, it will head towards the 23,000 level. RSI has almost returned to the moderate territory, and there is enough room to gain additional momentum in the near term.

Dow Jones

Dow Jones tested the resistance level at 43,900 – 44,000 amid strong demand for financial stocks. Goldman Sachs and Visa were the biggest gainers in the Dow Jones index today.

A successful test of the resistance at 43,900 – 44,000 will open the way to the test of the next resistance level at 44,600 – 44,700. It should be noted that RSI remains in the overbought territory, so the risks of a pullback are increasing.

For a look at all of today’s economic events, check out our economic calendar.