NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Demand For Tech Stocks Stays Strong

SP500

SP500 gains ground as Treasury yields move lower. The yield of 10-year Treasuries declined below the psychologically important 4.50% level, providing additional support to equity markets. Today’s move is broad, and the majority of market segments are moving higher. Super Micro Computer and Micron are among the best performers in SP500 amid rising demand for tech stocks.

The nearest resistance level for SP500 is located in the 5180 – 5190 range. In case SP500 manages to settle above 5190, it will head towards the next resistance at 5270 – 5280. It should be noted that RSI has moved into the overbought territory, so the risks of a pullback are increasing.

NASDAQ

NASDAQ tests new highs as demand for tech stocks stays strong. Traders buy mega cap stocks like NVIDIA, Meta, and Advanced Micro Devices. AI revolution remains the key driver for these stocks. The market ignores the risks of a more hawkish Fed and stays focused on new technology, which is bullish for the tech-heavy NASDAQ index.

NASDAQ has recently moved above the resistance at 17,800 – 17,900 and is trying to settle above the 18,000 level. In case this attempt is successful, NASDAQ will head towards the next resistance at 18,300 – 18,400.

Dow Jones

Dow Jones did not manage to gain strong momentum due to the pullbacks in AMGEN, Boeing, and Apple stocks. AMGEN and Apple are losing ground as traders take profits off the table after the recent strong moves.

From the technical point of view, Dow Jones settled in a range between the support at 38,500 – 38,550 and the resistance at 39,000 – 39,100. If Dow Jones manages to settle above the 39,100 level, it will head towards the next resistance, which is located in the 39,900 – 40,000 range. RSI is close to the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

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