S&P 500 and Nasdaq Futures Climb After Record Highs

On Wednesday, S&P 500 and Nasdaq futures climbed after record highs, while Dow futures remained unchanged. Traders are analyzing the likelihood of Fed rate cuts this year. Fed Chair Powell's testimony emphasized that rate cuts require clear evidence of inflation nearing 2%. Investors expect two rate cuts this year, with a 75% chance of one in September. Nvidia gained nearly 2% in premarket trading, Tesla edged up 0.4%, and Microsoft, Apple, Amazon, and Meta all saw gains ahead of the opening bell.

The Nasdaq, continuing its upward trend, faces its initial resistance at 20,900. Above this level, subsequent resistances to monitor are 21,200 and 21,400. On the downside, the first support is at 20,660. Below this level, subsequent supports to watch are 20,200 and 19,950.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
21,400	21,200	20,900	20,660	20,200	19,950