NASDAQ Index, SP500, Dow Jones Forecasts – Dow Jones Tests Historic Highs

SP500

SP500 gained some ground but did not manage to settle above the resistance at 6020 – 6030. Today, traders focused on the Dallas Fed Manufacturing Index report. The report showed that Dallas Fed Manufacturing Index improved from -3.0 in October to -2.7 in November, compared to analyst forecast of -2.4. Traders also reacted to Trump’s choice of Scott Bessent as U.S. Treasury secretary. Most market sectors gained ground in today’s trading session. However, tech and energy stocks have found themselves under pressure. Energy stocks suffered a sell-off as traders focused on the strong pullback in the oil markets, which was driven by the news about a potential ceasefire deal between Israel and Hezbollah.

Currently, SP500 is trying to settle below the support at 5980 – 5990. In case this attempt is successful, SP500 will head towards the 50 MA at 5939.

NASDAQ

NASDAQ pulled back from session highs as traders reacted to the pullback in NVIDIA stock. NVIDIA is the biggest loser in the NASDAQ index today. The stock is down by 3.4% as traders continue to take profits off the table near historic highs.

The nearest support level for NASDAQ is located in the 20,700 – 20,800 range. If NASDAQ settles below the 20,700 level, it will gain additional downside momentum and move towards the next support level at 20,000 – 20,100. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

Dow Jones

Dow Jones tested historic highs as the strong rally continued. Most stocks in the Dow Jones index gained ground in today’s trading session. NVIDIA and Walmart were the only notable laggards in the index.

If Dow Jones climbs above 44,800, it will get to the test of the psychologically important 45,000 level.

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