NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Highs As Cadence Design Systems Soars 12.8%

SP500

SP500 gains ground as traders react to economic reports. JOLTs Job Openings declined from 7.86 million in August to 7.44 million in September, compared to analyst forecast of 7.99 million. The report indicated that the job market is slowing down, so the Fed may be forced to provide additional support to the economy. CB Consumer Confidence increased from 99.2 in September to 108.7 in October, compared to analyst forecast of 99.5. Rising Consumer Confidence provided additional support to SP500. Case-Shiller Home Price index showed that home prices declined by 0.3% month-over-month in August, compared to analyst expectations of -0.1%. It should be noted that most market segments moved lower in today’s trading session, but the strong performance of tech stocks provided significant support to SP500.

In case SP500 settles above the 5850 level, it will head towards the resistance at 5870 – 5880. On the support side, a move below the 50 MA at 5844 will push SP500 towards the nearest support at 5800 – 5810.

NASDAQ

NASDAQ is trying to settle above the 20,600 level amid rising demand for tech stocks. Cadence Design Systems, which is up by 12.8%, is the biggest gainer in the NASDAQ index today. The stock gained strong momentum as the company raised the midpoint of its 2024 profit guidance.

If NASDAQ settles above the 20,600 level, it will get to the test of the nearest resistance level, which is located in the 20,700 – 20,800 range. RSI is in the moderate territory, so there is enough room to gain additional upside momentum in the near term.

Dow Jones

Dow Jones is losing ground as most stocks in the index have found themselves under pressure in today’s trading session. There are no big winners or losers in the Dow Jones index today.

The technical picture remains unchanged as Dow Jones is stuck between the support at 42,100 – 42,200 and the resistance at 42,600 – 42,700.

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