Nasdaq Index, Dow Jones, S&P 500 News: Benchmark and Blue Chips Challenging Record Highs

Highlights

• Dow Jones Continues Bullish Run, Fueled by Strong Retail Data
• S&P 500 Nears All-Time High, Just 2% Shy of Record
• Nasdaq Composite Achieves New 52-Week High Amid Market Uptrend
• Retail Sales in November Surpass Expectations with 0.3% Increase

Dow’s Rally Continues, Backed by Strong Retails Sales Data

The Dow Jones Industrial Average is on a bullish run, fueled by better-than-expected retail sales and a favorable outlook for the economy.

Shortly after the cash market opening, the benchmark S&P 500 index is trading  4787.00, up 26.25 or +0.55%. The blue chip Dow Jones industrial Average is at 37589.00, up 101.00 or +0.27% and the tech-weighted Nasdaq Composite is trading 16846.00, 68.75 or +0.41%.

S&P 500 and Nasdaq Eyeing Record Levels

The S&P 500 is closing in on its all-time high, now just under 2% away. The Nasdaq Composite, while further back, still posted a new 52-week high, indicating a positive trend across the board.

Retail Numbers Beat Forecasts

Retail sales for November showed a surprising uptick of 0.3%, surpassing the forecasted decline. This surge, along with the drop in 10-year Treasury yields below the 4% mark, is bolstering investor sentiment.

Fed’s Dovish Signals Lift Market Spirits

The Federal Reserve’s hints at potential rate cuts in the coming year have sparked a rally, with the Dow breaking above the 37,000 threshold. This dovish shift in monetary policy is significantly influencing the market’s trajectory.

Key Stocks in Focus

Stocks to watch include Adobe, experiencing a downturn after its future earnings projection, and BlackRock’s new bond ETF. In the pharmaceutical sector, Moderna and Merck are in the spotlight following successful trial results.

Short-Term Market Outlook: Bullish Momentum

The market outlook in the short term is predominantly bullish, with key indices like the Dow and S&P 500 nearing record levels, stimulated by robust retail sales and the Fed’s recent policy direction. Traders, while optimistic, remain vigilant for any economic shifts that could inject volatility into the market.

Technical Analysis

The E-mini Dow Jones Industrial Average is currently exhibiting a bullish trend. Today’s price stands at 37,549, which is an increase from the previous close of 37,488. This current price is notably above both the 200-day and 50-day moving averages, set at 34,862 and 34,970 respectively, suggesting a strong upward momentum.

In terms of support and resistance levels, the asset is trading well above the main support level of 35,268 and even above the minor support level at 36,450, reinforcing the bullish sentiment. While specific resistance levels aren’t provided, the asset’s current trajectory indicates a lack of immediate resistance, which could imply potential for further upside.

The overall market sentiment for the E-mini Dow Jones is bullish. This is underscored by its positioning above key moving averages and support levels, combined with the recent price increase. Investors and traders are likely to view this as a positive indicator for continued upward movement, at least in the short term.