NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Tesla Rallies 6%

SP500

SP500 is moving higher as traders react to the better-than-expected NAHB Housing Market Index report. The report showed that NAHB Housing Market Index improved from 48 in February to 51 in March, compared to analyst consensus of 48. The National Association of Home Builders expects further improvements when interest rates begin to move lower. Today’s move is broad, and all market segments are moving higher. Not surprisingly, demand for tech stocks remains strong as traders stay focused on the AI hype. Interestingly, rising Treasury yields did not put any pressure on SP500 in today’s trading session. Bond traders prepare for the Fed Interest Rate Decision, which will be released on Wednesday. Powell’s comments may be more hawkish than expected, but stock traders ignore this risk and focus on the AI revolution.

From the technical point of view, SP500 made another attempt to settle above the resistance at 5180 – 5190. A move above this level will push SP500 towards new highs.

NASDAQ

NASDAQ gains ground amid rising demand for tech stocks. Tesla rebounded from yearly lows, providing material support to the index. The stock is moving higher as Tesla raised prices for Model Y. In addition, the stock was oversold, so many traders were waiting for any positive catalyst to initiate a long position in Tesla.

Currently, NASDAQ is trying to settle above the resistance at 18,000 – 18,050. If NASDAQ settles above 18,050, it will head towards the next resistance level, which is located in the 18,350 – 18,400 range.

Dow Jones

Dow Jones gains some ground, supported by the strong performance of Salesforce and Caterpillar stocks. Meanwhile, Boeing tested new lows amid concerns about the safety of its planes.

If Dow Jones manages to settle back above the 39,000 level, it will head towards the nearest resistance at 39,250 – 39,300.

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