NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests Key Resistance Amid Rising Demand For Tech Stocks

SP500

SP500 is swinging between gains and losses as traders react to JOLTs Job Openings report for October. The report showed that JOLTs Job Openings increased from 7.372 million in September to 7.744 million in October, compared to analyst forecast of 7.48 million. The job market remains in decent shape, which means that Fed may be more hawkish than previously expected. At the same time, the strength of the job market highlights the strength of the economy, which is bullish for stocks. Energy stocks were among the biggest gainers in the SP500 index today as traders focused on the strong rally in the oil markets. Tech stocks have also managed to gain upside momentum.

SP500 remains stuck near the 6050 level as traders wait for stronger catalysts. If SP500 climbs above the 6060 level, it will head towards 6100. RSI remains in the moderate territory, which is bullish for SP500.

NASDAQ

NASDAQ remains stuck near the key resistance level at 21,100 – 21,200. Demand for tech stocks is rising, but it looks that some traders are taking money off the table near historic highs.

If NASDAQ moves above the 21,200 level, it may gain strong upside momentum and move towards the 21,500 level. On the support side, a move below the 21,100 level will push NASDAQ towards the 50 MA at 20,878.

Dow Jones

Dow Jones is losing ground amid falling demand for industrials stocks. Honeywell, 3M, and Caterpillar are among the biggest losers in the Dow Jones index today.

From the technical point of view, Dow Jones did not manage to settle above the resistance at 44,900 -45,000 and is slowly moving towards the nearest support at 44,400 – 44,500. A move below the 44,400 level will push Dow Jones towards the support at 43,800 – 43,900.

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