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NASDAQ Index, SP500, Dow Jones Forecasts: Market Reacts to EV Shift
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The S&P 500 Index...closed at 4,769.82, down by 0.28%, indicating a potential downward momentum below the $4,795 resistance level.
In this article:
Key Insights
- U.S. stock futures show a decline, hinting at a pullback after 2023’s gains.
- S&P 500, Nasdaq, and Dow await key economic data to shape trends. S&P 500 faces resistance near $4,853; RSI indicates bullish sentiment.
- Dow Jones sees minor decline, with bearish sentiment below pivot point.
- NASDAQ trades above 50 EMA but risks bearish turn below $15,010.
Quick Fundamental Outlook
SPX SP500 Price Forecast
On January 2, the S&P 500 Index (SPX) experienced a slight decline, closing at 4,769.82, down by 0.28%. Currently, the index is oscillating around a pivot point of $4,794, with immediate resistance levels identified at $4,853, $4,915, and $4,981.
Support levels are found at $4,694, $4,612, and $4,539. The Relative Strength Index (RSI) stands at 62, indicating a moderately bullish sentiment, while the Moving Average Convergence Divergence (MACD) is at -5.51 against a signal of 35.38, suggesting a potential downward momentum.
The index is trading above its 50-Day Exponential Moving Average (EMA) of $4,664, but a double top pattern near $4,795 hints at possible resistance, leaning towards a bearish trend below this level.
Dow Price Forecast
The Dow Jones Industrial Average (DOW) experienced a slight decline on Tuesday, January 2, closing at 37,533, down by 0.39%. Currently hovering around a pivot point of $37,768, the index faces resistance at $38,007, $38,268, and $38,480, with support at $37,485, $37,121, and $36,816.
The Relative Strength Index (RSI) at 43 indicates a bearish sentiment, while the Moving Average Convergence Divergence (MACD) at -25.67 suggests potential downward momentum.
The index’s price is currently near the 50-Day Exponential Moving Average (EMA) of $37,479. A break below the crucial $37,600 level could reinforce the bearish outlook.
NASDAQ Price Forecast
On Tuesday, January 2, the NASDAQ experienced a downtick, closing at 15,011, a decline of 0.43%. The index is currently navigating around a pivot point of $15,058, with resistance levels at $15,277, $15,599, and $15,984. Support is established at lower levels of $14,745, $14,482, and $14,145.
The Relative Strength Index (RSI) at 60 suggests moderate bullish sentiment, but the Moving Average Convergence Divergence (MACD) at -25.10 points to potential bearish momentum.
The index is trading above the 50-Day Exponential Moving Average (EMA) of $14,643, indicating a short-term bullish trend, but a downward breakout below the $15,010 level could lead to a bearish bias.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Arslan Aliauthor
Arslan, a webinar speaker and derivatives analyst, has an MBA in Finance and MPhil in Behavioral Finance. He guides financial analysis, trading, and cryptocurrency forecasting. Expert in trading psychology and sentiment.
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