NASDAQ Index, SP500, Dow Jones Analysis – Major Indices Rally As Meta Soars 15%

Key Insights

• SP500 rallied above the 4115 level despite weak GDP data. 
• The strong performance of Meta stock provided material support to NASDAQ index. 
• Dow Jones rebounded towards the 33,800 level. 

SP500

SP500 gained strong upside momentum as traders focused on strong earnings reports. Meta gained 15% after Mark Zuckerberg said that AI boosted monetization by 40% on Facebook. Traders ignored the disappointing GDP report, which showed that U.S. GDP increased by just 1.1% in the first quarter.

The nearest resistance level for SP500 is located at 4150. In case SP500 moves above this level, it will head towards the next resistance at 4175. A successful test of the resistance at 4175 will push SP500 towards the 4200 level.

R1:4150 – R2:4175 – R3:4200

S1:4115 – S2:4090 – S3:4070

NASDAQ

NASDAQ rallied as Meta’s performance boosted demand for tech stocks. Traders ignored rising Treasury yields as the appetite for risk increased.

If NASDAQ manages to settle above the resistance at 13,140, it will move towards the 13,250 level. A move above this level will push NASDAQ towards the next resistance, which is located at 13,400.

R1:13,140 – R2:13,250 – R3:13,400

S1:13,000 – S2:12,900 – S3:12,750

Dow Jones

Dow Jones has also managed to gain strong upside momentum in today’s trading session. Honeywell was among the biggest gainers in the Dow Jones index today after the company beat analyst estimates and raised full-year guidance.

In case Dow Jones settles above the resistance at 33,850, it will move towards the next resistance at 34,000. A successful test of the 34,000 level will push Dow Jones towards the resistance at 34,200.

R1:33,850 – R2:34,000 – R3:34,200

S1:33,700 – S2:33,500 – S3:33,300

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