NASDAQ Index, SP500, Dow Jones Forecasts: NDX Surges to 14,843, SPX and DOW Display Resilience

Key Insights

• S&P 500 climbs 1.41%, showcasing bullish momentum amid strong technical indicators and market optimism.
• NASDAQ’s 2.11% gain reflects growing investor confidence, underpinned by positive RSI and EMA trends.
• Nvidia’s shares hit a record high, buoyed by excitement over new graphics processors and AI technology, positively impacting NASDAQ.

Quick Fundamental Outlook

U.S. stock futures, including the NASDAQ Index, SP500, and Dow Jones, hinted at an uptrend on Tuesday, continuing the previous session’s gains influenced by Nvidia’s rally. Nvidia’s record high, fueled by new product excitement, contrasted with Samsung’s projected profit slide, reflecting chip sector challenges.

Concurrently, Boeing’s ongoing 737 Max 9 issues added to market caution. These varied corporate narratives collectively signalled a complex opening for major indices, encapsulating the multifaceted nature of market movements.

On January 9, the S&P 500 Index (SPX) presented a dynamic technical outlook, trading at $4,763.55, up 1.41%. This performance underpins a crucial shift in market sentiment, as observed in key technical levels and indicators.

The pivot point for SPX stands at $4,737, with immediate resistance at $4,797. The index faces further resistance at $4,853 and $4,915, which could play pivotal roles in capping upward momentum. On the downside, immediate support is observed at $4,699, followed by stronger levels at $4,642 and $4,600.

The Relative Strength Index (RSI) is at 60, indicating a bullish sentiment, as it is above the neutral 50 mark. Moreover, the SPX is trading above its 50-Day Exponential Moving Average (EMA) of $4,682, further reinforcing the current bullish trend.

Chart patterns add to this bullish narrative, with two bullish engulfing candles over the 4700 level, and a close over the 50 EMA line. The index is also bullish over the 38.2% Fibonacci retracement level around 4700. In conclusion, the overall trend for the SPX is bullish, especially above the $4,700 mark.

Dow Price Forecast

The Dow Jones Industrial Average (DOW) on January 9th presented a subtle yet insightful technical landscape, trading at 37,572.36, a minor decrease of 0.21%. This slight dip provides a deeper look into the current market sentiment and potential future movements.

At the heart of its technical structure lies the pivot point at $37,522. The DOW faces immediate resistance at $37,802, followed by higher barriers at $38,007 and $38,268. These levels are key in determining the extent of bullish momentum. Conversely, support levels are seen at $37,353, $37,121, and $36,816, crucial for buffering any downward trends.

The Relative Strength Index (RSI) for the DOW is at 54, indicating a mildly bullish sentiment as it hovers above the neutral 50 mark. The index’s trading position above its 50-Day Exponential Moving Average (EMA) of $37,494 further supports a short-term bullish outlook.

Chart analysis reveals the DOW’s stability above the critical 50 EMA line of 37,500, suggesting a sustained bullish bias if it continues to hold above this level.

In summary, the DOW exhibits a cautiously bullish trend, especially if it maintains levels above $37,500. The short-term forecast anticipates the DOW testing higher resistance levels, maintaining a generally optimistic market perspective.

NASDAQ Price Forecast