NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Intel Soars 8.8%

By:

Vladimir Zernov

Published: Jan 17, 2025, 19:42 GMT+00:00

Key Points:

SP500 climbed above the 6000 level, supported by better-than-expected economic reports.
NASDAQ gained strong upside momentum amid rising demand for tech stocks.
Dow Jones moved above the 43,500 level as NVIDIA gained 3.3%.

SP500

SP500 170125 4h Chart

SP500 rallied as traders focused on housing market data and earnings reports. Housing Starts increased by 15.8% month-over-month in December, compared to analyst forecast of +2%. Building Permits decreased by 0.7%, while analysts expected that they would fall by -0.9%. Today, traders also had a chance to take a look at the Industrial Production report for December. The report indicated that Industrial Production increased by 0.9%, compared to analyst consensus of +0.3%. Schlumberger was among the biggest gainers in the SP500 index today. The stock gained 7.1% as traders reacted to the better-than-expected earnings report.

Currently, SP500 is trying to settle above the resistance at 6000 – 6010. In case this attempt is successful, SP500 will head towards the next resistance level, which is located in the 6090 – 6100 range.

NASDAQ

NASDAQ 170125 4h Chart

NASDAQ gained strong upside momentum, supported by rising demand for tech stocks. Intel, which was up by 8.8%, was the biggest gainer in the NASDAQ index today. The stock rallied amid reports indicating that the company could be an acquisition target. Microstrategy gained 7.7% as Bitcoin climbed above the $105,000 level.

The nearest resistance level for NASDAQ is located in the 21,550 – 21,600 range. If NASDAQ manages to settle above the 21,600 level, it will head towards the next resistance level at 22,050 – 22,100.

Dow Jones

Dow Jones 170125 4h Chart

Dow Jones tested new highs amid broad rally in the equity markets. NVIDIA, which was up by 3.3%, was the biggest gainer in the Dow Jones index today. The stock gained ground as demand for tech shares increased.

Dow Jones has recently moved above the resistance at 43,300 – 43,400 and is trying to settle above the 43,500 level. In case this attempt is successful, Dow Jones will head towards the next resistance level at 44,000 – 44,100. RSI is in the overbought territory, so the risks of a pullback are increasing.

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

About the Author

Vladimir Zernovauthor

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.