NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As NVIDIA Gains 4.3%

SP500

SP500 gained some ground despite the disappointing CB Consumer Confidence report. The report showed that CB Consumer Confidence decreased from 105.6 in August to 98.7 in September, compared to analyst forecast of 103.8. Traders also had a chance to take a look at the Case-Shiller Home Price Index data. The report indicated that home prices remained unchanged on a month-over-month basis in July. On a year-over-year basis, home prices increased by 5.9%. Today, China unveiled additional stimulus measures to boost its economy, which provided material support to commodity markets. As a result, basic materials stocks were among the leaders in the SP500 index today.

SP500 continues its attempts to settle above the strong resistance in the 5735 – 5750 range. At this point, it looks that the index needs additional positive catalysts to climb above the 5750 level.

NASDAQ

NASDAQ moved higher as NVIDIA  gained 4.3% in today’s trading session. Traders stay bullish on AI-related stocks, so NASDAQ has a good chance to settle above the nearest resistance level, which is located in the 20,000 – 20,100 range.

A successful test of the resistance at 20,000 – 20,100 will push NASDAQ towards the next resistance level at 20,700 – 20,800. RSI is in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

Dow Jones

Dow Jones is stuck near the resisance at 42,100 – 42,200 as traders wait for additional positive catalysts. Visa, which was down by 4.7%, was the worst performer in the Dow Jones index today. The stock found itself under pressure as Department of Justice sued Visa due to alleged monopolization of the debit card market.

From the technical point of view, Dow Jones needs to climb above the 42,200 level to gain additional upside momentum in the near term.

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