NASDAQ Index, S&P 500, Dow Jones Forecasts: US Indices Surge Almost 1% Despite Geopolitical Strains

Key Insights

• The S&P 500 index stands at $4342, marking a 0.75% increase since the start of the week.
• The NASDAQ is trading at $14342, showing a 0.75% uptick from Monday. Key observations include a pivot point at $14985.
• Currently trading at $13149, the DJIA highlights a potential for bullish movement with a pivot point at $13166.

S&P 500

As of October 09, the S&P 500 (SPX) is positioned at $4342, reflecting a 0.75% ascent from Monday. On the 4-hourly chart, the index has impressively breached a major resistance at $4280, previously delineated by a downward channel. This rupture now converts the $4280 mark into a likely support.

Immediate resistances for SPX hover at $4345, $4416, and $4462. Conversely, vital supports lie at $4280, $4220, and $4162. The chart also presents a bullish engulfing candle, indicating a probable buying trend.

Coupled with the Relative Strength Index (RSI) stationed at 55, a slight bullish momentum is anticipated. Traders should closely monitor the $4300 benchmark, as trading above this level reinforces bullish prospects.

NASDAQ

On October 09, the NASDAQ (NDX) is trading at $14342, marking a 0.75% rise from Monday. The 4-hourly chart displays pivotal levels, with the NASDAQ’s pivot point at $14985. Resistance zones are mapped out at $15072, $15129, and $15309. Immediate support is found at $14856, trailed by $14694, and a significant $14425 level, underscored by a triple bottom pattern.

The Relative Strength Index (RSI) is at 65, indicating a bullish sentiment, while the price is comfortably above the 50-day Exponential Moving Average (EMA) set at $14800. A noteworthy chart development is the breach of the descending triangle pattern at $14755, accompanied by robust bullish engulfing candles suggesting a potent uptrend in the offing.

Summing up, the NASDAQ exhibits a bullish stance above $14855. Traders should anticipate potential upward movements, possibly challenging higher resistance levels.

Dow Jones

Dow Jones is currently in a pivotal phase, trading at $13149 on a 4-hour chart timeframe as of October 09. With a pivot point set at $13166, the index showcases the potential for bullish momentum if it manages a break above this level, possibly heading towards resistances at $13196 and $13220.

Conversely, DJIA is receiving support from an upward trendline at $13126. A bearish breakout below this trendline could see the index sliding towards $13097. The Relative Strength Index (RSI) is positioned at 45, indicating a slightly bearish sentiment. Intriguingly, the 50-day Exponential Moving Average (EMA) is pegged at $13150, which serves as a crucial juncture, tilting towards selling pressures.

The chart pattern is neutral with an upward trendline indicating buying opportunities, but the 50 EMA suggests potential selling. DJIA remains bullish above $13126, but global economic events and shifts could affect its movement in the short term.

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