NASDAQ Index, SP500, Dow Jones Analysis – Major Indices Test New Highs

Key Insights

• SP500 moved above the resistance at 4325 amid rising demand for tech stocks. 
• NASDAQ also tested new highs in today’s trading session. 
• Dow Jones settled above the 34,000 level. 

SP500

SP500 tests new highs as traders remain bullish ahead of the Fed Interest Rate Decision, which will be released on Wednesday. It should be noted that the rally is not broad as Consumer Defensive, Real Estate, Utilities, Financial, and Energy stocks are under pressure in today’s trading session. The pullback in energy stocks is strong due to the sell-off in the oil markets. However, the strong performance of tech stocks is pushing SP500 to new highs.

In case SP500 settles above the resistance at 4360, it will head towards the next resistance level at 4400. A successful test of this level will push SP500 towards the 4440 level.

R1:4360 – R2:4400 – R3:4440

S1:4325 – S2:4285 – S3:4250

NASDAQ

NASDAQ rallied to new highs as demand for tech stocks remained strong. AI boom remains the key catalyst for the rally, providing support to semiconductor stocks.

A move above the 14,800 level will push NASDAQ towards the resistance at 15,050. If NASDAQ climbs above 15.050, it will head towards the resistance level at 15,250.

R1:14,800 – R2:15,050 – R3:15,250

S1:14,600 – S2:14,450 – S3:14,300 

Dow Jones

Dow Jones is also moving higher amid a broad rally in the equity markets. Intel, which is up by 5% today, is the best performer in the Dow Jones index. Dow Jones is trading below its 2023 highs as market’s demand is concentrated in tech stocks.

In case Dow Jones moves above the 34,130 level, it will head towards the resistance at 34,250. A successful test of the resistance at 34,250 will push Dow Jones towards the next resistance level at 35,000.

R1:34,130 – R2:34,250 – R3:34,500

S1:34,000 – S2:33,800 – S3:33,650

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