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

SP500

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 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 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.