NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Super Micro Computer Soars 29.2%

SP500

SP500 gains ground as traders react to housing market reports. Housing Starts declined by 3.1% month-over-month in October, compared to analyst consensus of -0.2%. Building Permits decreased by 0.6%, compared to analyst forecast of +2.5%. The disappointing reports did not put pressure on SP500 today. Treasury yields moved lower, providing additional support to major indices. The yield of 2-year Treasuries pulled back towards the 4.27% level, while the yield of 10-year Treasuries declined to 4.38%. Most market sectors moved higher in today’s trading session. Meanwhile, financial and energy stocks have found themselves under pressure.

SP500 managed to settle back above the support at 5880 – 5890 and is trying to climb above the 5930 level. In case this attempt is successful, SP500 will head towards the 50 MA at 5961.

NASDAQ

NASDAQ is moving higher amid rising demand for tech stocks. Super Micro Computer, which is up by 29.2%, is the biggest gainer in the NASDAQ index today. The stock rallied as the company submitted a plan to stay listed on the NASDAQ exchange.

Currently, NASDAQ is trying to settle above the nearest resistance level at 20,700 – 20,800. In case this attempt is successful, NASDAQ will move towards the next resistance at 21,100 – 21,200.

Dow Jones

Dow Jones  is trying to settle below the support at 43,200 – 43,300 despite NVIDIA’s rally. Most stocks in the index are moving lower, which is bearish for Dow Jones.

If Dow Jones manages to settle back below the 43,200 level, it will head towards the next support level, which is located in the 42,400 – 42,500 range. On the upside, a move above the 43,300 level will push Dow Jones towards the nearest resistance level at 43,800 – 43,900. RSI is in the moderate territory, and there is plenty of room to gain momentum in the near term.

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