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NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Climbs Above 6000 As Rally Continues

By:
Vladimir Zernov
Published: Nov 8, 2024, 19:53 GMT+00:00

Key Points:

  • SP500 moved higher, supported by the better-than-expected Michigan Consumer Sentiment report.
  • NASDAQ tests resistance at 21,100 - 21,200.
  • Dow Jones climbed above the 44,000 level and tested new highs.
NASDAQ Index, SP500, Dow Jones Forecasts

In this article:

SP500

SP500
SP500 081124 4h Chart

SP500 tests new highs as traders react to the better-than-expected Michigan Consumer Sentiment report. The report showed that Consumer Sentiment improved from 70.5 in October to 73.0 in November, compared to analyst forecast of 71. Most market sectors are moving higher in today’s trading session. The rally is led by real estate and utilities stocks. Basic materials stocks have found themselves under pressure as traders focused on the strong pullback in commodity markets. From a big picture point of view, traders stay focused on Donald Trump’s victory, which served as the key bullish catalyst for stocks this week.

SP500 settled above the resistance at 5980 – 5990 and moved above the 6000 level. RSI is in the overbought territory, so the risks of a pullback are increasing.

NASDAQ

NASDAQ
NASDAQ 081124 4h Chart

NASDAQ continues its attempts to settle above the resistance at 21,100 – 21,200. Tesla, which is up by 9%, is among the biggest gainers in the NASDAQ index today. The stock enjoys the Trump rally.

A move above the 21,200 level will push NASDAQ towards new highs. NASDAQ remains overbought, which is typical for a strong rally. In case NASDAQ fails to settle above 21,200, traders may start to take profits and push NASDAQ towards the nearest support level at 20,700 – 20,800.

Dow Jones

Dow Jones
Dow Jones 081124 4h Chart

Dow Jones managed to settle above the resistance at 43,800 – 43,900 and tested new highs. The rally was broad, and most stocks in the Dow Jones index managed to gain ground in today’s trading session.

The technical picture is bullish as Dow Jones has quickly managed to climb above the nearest resistance level. Currently, Dow Jones is trying to settle above the 44,000 level. In case this attempt is successful, Dow Jones will head towards the 45,000 level. On the support side, a move below 43,800 will push Dow Jones towards the 43,500 level.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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