NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rebounds As Traders Buy The Dip

SP500

SP500 gains ground as traders use the recent pullback as an opportunity to increase their long positions at attractive levels. There are no important economic reports scheduled to be released in the U.S. today, so traders will stay focused on general market sentiment. The rebound is broad, and most market sectors are moving higher in today’s trading session. From a big picture point of view, the rebound looks technical as SP500 was oversold after the strong pullback. It looks that the absence of economic reports provided material support to the market.

In case SP500 settles above the 5500 level, it will head towards the resistance at 5550 – 5570. On the support side, a move below the 5450 level will open the way to the test of the support at 5400 – 5420.

NASDAQ

NASDAQ is trying to settle back above the support at 18,500 – 18,600 amid rising demand for tech stocks. Super Micro Computer, NVIDIA, and Advanced Micro Devices are among the biggest gainers in the NASDAQ index today.

If NASDAQ stays above the 18,600 level, it will move towards the 50 MA at 19,104. On the support side, a successful test of the support at 18,500 – 18,600 will push NASDAQ towards the next support level at 17,700 – 17,800.

Dow Jones

Dow Jones gained upside momentum amid broad rally in the equity markets. Most stocks in the Dow Jones index have managed to gain ground in today’s trading session.  Apple stock was one of the few losers in the Dow Jones index. The stock declined by 1.5% after the company presented its AI-focused iPhone 16.

Currently, Dow Jones is moving towards the 50 MA at 41,069. A move above the 50 MA will push Dow Jones towards the nearest significant resistance level, which is located in the 41,300 – 41,400 range.

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