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NASDAQ AND S&P 500 ACHIEVE NEW HIGHS, DOW NEARS KEY LEVELS

A number of major indexes scored fresh record closing highs on Thursday, including the S&P 500 .SPX, Nasdaq Composite .IXIC, and Nasdaq 100 .NDX. Both the S&P 500 Industrials .SPLRCI and S&P 500 Tech .SPLRCT sectors also ended at record closing levels.

With this, the Nasdaq has now notched 10 record closing highs so far this year, while the S&P 500 has registered nine.

However, the Dow Jones Industrial Average .DJI remains noticeably absent from the festivities. So far, it has seen zero record closing highs in 2025.

That said, once again, the blue-chip average is coming within striking distance of its key levels.

On Friday, e-mini Dow futures YMcv1 are edging up, but bulls note it won't take much strength for the DJI to soon join the new highs party:

The DJI ended Thursday 44,484.49, which puts it down just 1.18% from its 45,014.04 December 4 record closing high and 1.31% from its 45,073.63 December 4 record intraday high.

Traders are also eying interim hurdles at the July 3 intraday high at 44,885.83 as well as the resistance line from the December 4 record intraday high, which will be around 45,010 on Friday. (This line repulsed the Dow earlier this month). The January 31 intraday high was at 45,054.36.

On a breakout to new highs, the Dow would have potential to target a resistance line from its 2007 high, which essentially capped strength in late November-early December of last year, and now resides just shy of 47,000 on a weekly basis.

Meanwhile, on Tuesday of this week, the Dow finally scored a golden cross as its 50-day moving average (DMA) crossed back above its 200-DMA. (The 50-DMA crossed below the 200-DMA on April 17).

Bulls note that the Nasdaq Composite scored a golden cross on June 30, and the S&P 500 notched a golden cross on July 1. Thus, all three of the main indexes are now in gear in this respect.

The Dow has initial support at its July 16 low at 43,758.98. The rising 50-DMA will be around 42,945 on Friday.

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

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FAVOUR QUALITY STOCKS WITH BALANCE SHEET STRENGTH OVER HIGH PROFITABILITY ONES - JPM CLICK HERE

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EUROPE BEFORE THE BELL: FUTURES HIGHER AS CONSUMER HOLDS UP CLICK HERE

STOCKS BUOYANT BUT JAPAN VOTE BRINGS RISK CLICK HERE

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)