NASDAQ Index, SP500, Dow Jones Forecasts: Mixed Earnings Shake Up US Indices as Tesla’s Stock Dips 8%

Key Insights

• U.S. futures show a cautious stance due to mixed corporate earnings and upcoming economic data, influencing NASDAQ, SP500, and Dow Jones forecasts.
• Tesla’s 8.3% stock drop stems from Elon Musk’s 2024 sales growth caution, affecting NASDAQ.
• IBM’s 6.8% stock rise results from strong revenue growth projections, benefiting the SP500.

Mixed Corporate Earnings Impact NASDAQ, SP500, and Dow Jones

U.S. futures showed slight bearish movement on Thursday, with investors weighing various corporate earnings and anticipating key economic data. This cautious market sentiment impacts forecasts for major indices like NASDAQ, SP500, and Dow Jones.

Tesla’s stock declined by 8.3% after Elon Musk predicted lower sales growth for 2024, affecting tech-heavy NASDAQ. IBM’s shares, however, rose 6.8% due to promising revenue growth projections, offering some support to the SP500.

Apple experienced a slight drop of 0.2% following a decrease in Chinese smartphone shipments. Boeing’s 2.9% fall came after regulatory constraints on 737 MAX production, influencing Dow Jones’ outlook.

These mixed corporate results and forecasts play a crucial role in shaping the near-term trends and investor sentiment in these major U.S. stock indices.

SPX SP500 Price Forecast

As of January 25, the S&P 500 Index (SPX) exhibits slight growth, trading at $4,868.54. Navigating around the pivot point at $4,902.08, it faces resistance at $4,921.52, with further barriers at $4,947.45 and $4,974.55. These levels are pivotal for assessing SPX’s potential upward trend.

Support is established at $4,859.07, corresponding with the 23.6% Fibonacci retracement, and additional supports at $4,830.79 (38.2% Fibonacci retracement) and $4,808.40.

The index’s trading above the 50-Day and 200-Day EMAs suggests a bullish sentiment. However, recent Doji and bearish engulfing patterns below $4,902.08 hint at a possible downtrend. This bearish signal, combined with key resistance and Fibonacci levels, warrants close market monitoring for potential directional shifts in SPX.

Dow Price Forecast

On January 25th, the Dow Jones Industrial Average (DOW) is experiencing a slight increase, with its current trading value at around $37800. The index’s technical configuration is centered around a pivot point of $37,956.30, with resistance levels identified at $38,114.18, $38,196.80, and $38,297.75.

In terms of support, the DOW finds its first level at $37,731.75, followed by additional support at $37,615.86 and $37,499.97. The positioning of the 50-Day and 200-Day Exponential Moving Averages at $37,688.23 and $37,120.39, respectively, are critical components of its technical outlook.

A noteworthy technical development for the Dow is its achievement of a 23.6% Fibonacci retracement at $37,878.97. The presence of Hammer and Doji candlestick patterns around this retracement level indicates the potential for a bullish reversal.

Therefore, the Dow’s trend is considered bullish as long as it remains above the $37,878.97 threshold.

NASDAQ Price Forecast

As of January 25, the NASDAQ Composite Index is showing dynamic movement, trading at $15,481.92. Its pivotal point stands at $15,605.21, with resistance levels at $15,728.41, $15,858.84, and $15,989.28 marking potential ceilings for upward movement. Support levels are crucially placed at $15,387.82, with further cushions at $15,264.63 and $15,155.93 to mitigate potential declines.

The 50-Day and 200-Day Exponential Moving Averages are at $14,939.30 and $14,210.35, respectively, suggesting an overall bullish trend. However, the index’s recent entry into an overbought zone and the formation of a bearish engulfing candle around $15,605 signal a potential bearish correction.

Key Fibonacci levels at $15,387.82 and $15,264.63 are now in focus, with the NASDAQ’s trajectory likely to hinge on its interaction with these critical points.

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