NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Super Micro Computer Soars 24%

SP500

SP500 gained ground as traders focused on the better-than-expected NAHB Housing Market Index report. The report showed that NAHB Housing Market Index increased from 43 in October to 46 in November, compared to analyst forecast of 44. Most market segments gained ground in today’s trading session. Energy stocks were among the best performers as traders focused on the rally in the oil markets. The rally in precious metals markets provided significant support to basic materials stocks. Meanwhile, healthcare stocks were under pressure as traders remained worried about potential regulatory changes from the incoming Trump administration.

SP500 received strong support in the 5880 – 5890 range. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in the near term. If SP500 settles above the 5900 level, it will head towards the next resistance level at 5980 – 5990.

NASDAQ

NASDAQ gained ground as demand for tech stocks increased. Super Micro Computer, which is up by 24%, is the best performer in the NASDAQ index today. The stock rallied amid reports indicating that the company planned to retain NASDAQ listing.

The nearest resistance level for NASDAQ is located in the 20,700 – 20,800 range. If NASDAQ manages to settle above the 20,800 level, it will head towards the next resistance, which is located in the 21,100 – 21,200 range.

Dow Jones

Dow Jones is losing ground as Nike  stock tests new lows. NVIDIA, which is down by 1.4%, is also among the biggest losers in the Dow Jones index today.

Currently, Dow Jones is trying to settle below the support level at 43,200 – 43,300. In case this attempt is successful, Dow Jones will move towards the next support level, which is located in the 42,400 – 42,500 range.

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