NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Gains Ground As Rebound Continues

SP500

SP500 gains ground as traders stay bullish ahead of the weekend. Treasury yields have started to move lower, providing additional support to major indices. Tech stocks are among the leaders in the SP500 index today, while utilities and consumer defensive stocks have found themselves under some pressure. The appetite for risk continues to grow as traders react to yesterday’s Initial Jobless Claims report, which indicated that the situation in the job market remained under control.

From the technical point of view, SP500 has recently managed to settle above the resistance in the 5310 – 5325 range and is trying to gain additional upside momentum. In case this attempt is successful, SP500 will move above the 5350 level and head towards the resistance at 5400 – 5420.

NASDAQ

NASDAQ continues its attempts to settle above the strong resistance in the 18,500 – 18,600 range. Trade Desk, which is up by 11.2%, is the only notable gainer in the NASDAQ index today. The stock gained upside momentum as traders reacted to the strong earnings report.

If NASDAQ manages to settle above the 18,600 level, it will move towards the resistance at 19,500 – 19,600. On the support side, a move below the 18,300 level will push NASDAQ towards the support at 18,000 – 18,100.

Dow Jones

Dow Jones is flat as traders wait for additional catalysts. It should be noted that Intel stock has once again found itself under pressure. Traders used the recent rebound as an opportunity to exit their long positions. From a big picture point of view, Intel will have to come up with strong positive catalysts to attract investors as they have plenty of options to choose from in the AI-related space.

If Dow Jones moves above the 39,500 level, it will head towards the nearest resistance, which is located in the 39,700 – 39,800 range.

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