NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Broadcom Gains 5.6%

SP500

SP500 gains ground as traders react to the strong sell-off in the oil markets. Oil is down by more than 4% as OPEC cut its global oil demand forecasts for 2024 and 2025. Lower energy prices may provide additional support to many industries, which is bullish for equity markets. Not surprisingly, oil stocks are among the biggest losers in the SP500 index today. Bank stocks have also found themselves under pressure in today’s trading session. JPMorgan and Goldman Sachs‘ comments about revenues and income raised worries about valuations in the sector.

Currently, SP500 is trying to settle back above the 5500 level. In case this attempt is successful, SP500 will gain additional upside momentum and move towards the resistance at 5550 – 5570. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ gains ground as the rebound continues. Traders buy tech stocks after the recent pullback. Broadcom, which is up by 5.6%, is the biggest gainer in the NASDAQ index today. The stock gained upside momentum as traders bet that Broadcom would provide hardware for iPhone 16.

NASDAQ is heading towards the 50 MA at 19,033. If NASDAQ climbs above the 50 MA, it will move towards the resistance at 19,500 – 19,600.

Dow Jones

Dow Jones is losing ground due to the pullbacks in JPMorgan and Goldman Sachs stocks. Amazon, which was up by 2.5%, was the biggest gainer in the Dow Jones index today.

If Dow Jones manages to settle below the nearest support at 40,500 – 40,600, it will head towards the next support level at 39,700 – 39,800. On the upside, a move above the 40,800 level will push Dow Jones towards the 50 MA at 41,020.

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