NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Tests All-Time Highs

By:

Vladimir Zernov

Published: Oct 11, 2024, 16:42 GMT+00:00

Key Points:

SP500 made an attempt to settle above the 5825 level as traders focused on earnings reports from big banks.
NASDAQ did not manage to settle above 20,300 as Tesla found itself under strong pressure after Cybercab Robotaxi Event.
Dow Jones tested historic highs as traders remained bullish ahead of the weekend.

SP500

SP500 111024 4h Chart

SP500 tested new highs as traders reacted to economic data and focused on earnings reports. Producer Prices report brought mixed signals as PPI remained unchanged on a month-over-month basis but exceeded estimates on a year-over-year basis. Michigan Consumer Sentiment declined, but this decline was not statistically significant. As a result, bank earnings have served as the key driver for SP500 in today’s trading session. Wells Fargo and JPMorgan, which have released their results today, were among the biggest gainers in the SP500. Other stocks in the financial sector have also gained solid upside momentum. It should be noted that today’s rally is broad, and all market sectors are moving higher.

SP500 managed to climb above the nearest resistance at 5800 – 5810 and is trying to gain additional upside momentum. RSI remains in the moderate territory, which is bullish for SP500. A move above the recent highs at 5826 will push SP500 towards the 5850 level.

NASDAQ

NASDAQ 111024 4h Chart

NASDAQ managed to gain ground despite the sell-off in Tesla stock, which was down by 7.7% after Cybercab Robotaxi Event. Elon Musk failed to present a clear vision on how Tesla scales the fleet of robotaxis and achieves profitability in this segment.

NASDAQ is stuck in a tight 20,100 – 20.300 range. If NASDAQ manages to climb above the 20,300 level, it will move towards the resistance at 20,700 – 20,800. On the support side, a move below the support at 20,000 – 20,100 may trigger a wave of profit-taking and push NASDAQ towards the next support level at 19,500 – 19,600.

Dow Jones

Dow Jones 111024 4h Chart

Dow Jones tested historic highs amid strong demand for financial stocks. JPMorgan Chase, Goldman Sachs, and American Express were among the biggest gainers in the Dow Jones index today.

From the technical point of view, Dow Jones needs to stay above the resistance at 42,600 – 42,700 to gain additional upside momentum in the near term.

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

About the Author

Vladimir Zernovauthor

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.