NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As NVIDIA Gains 3.5%

SP500

SP500 gains ground as traders react to the disappointing CB Consumer Confidence report, which indicated that Consumer Confidence declined from 111.7 in November to 104.7 in December. Today, traders also had a chance to take a look at the Durable Goods Orders report for November. The report showed that Durable Goods Orders decreased by 1.1% on a month-over-month basis, compared to analyst forecast of -0.4%. Durable Goods Ex Transp declined by 0.1%, while analysts expected that they would increase by 0.3%. The New Home Sales report has also missed analyst estimates. It looks that stock traders viewed the reports as positive catalysts as weaker economic data may provide Fed with an opportunity to be more dovish. Interestingly, Treasury yields were moving higher, so bond traders did not bet on dovish Fed. Most market sectors gain ground in today’s trading session, although consumer defensive stocks have found themselves under material pressure.

Currently, SP500 is trying to settle above the resistance at 5980 – 5990. In case this attempt is successful, SP500 will head towards the next resistance level at historic highs at 6090 – 6100.

NASDAQ

NASDAQ is moving higher as traders continue to buy tech stocks after the recent pullback. Advanced Micro Devices and NVIDIA are among the biggest gainers in the NASDAQ index today.

The nearest resistance level for NASDAQ is located in the 21,600 – 21,650 range. A move above the 21,650 level will push NASDAQ towards the next resistance at 22,050 – 22,100.

Dow Jones

Dow Jones is losing some ground as most stocks in the index are moving lower. Walmart and Nike are the worst performers in the Dow Jones index today. Traders remain focused on tech stocks, which is a bearish catalyst for Dow Jones.

In case Dow Jones climbs above the resistance at 42,700 – 42,800, it will head towards the next resistance level at 43,200 – 43,300.

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