NASDAQ Index, SP500, Dow Jones Analysis – NASDAQ Tests Yearly Highs

Key Insights

• SP500 is moving towards the resistance at 4150.
• NASDAQ tests new highs as traders buy AI-related stocks. 
• Dow Jones pulls back amid profit-taking. 

SP500

SP500 is moving higher while traders wait for additional catalysts. There are no important economic reports scheduled to be released today, so traders focus on general market sentiment, which remains bullish.

If SP500 settles above the 4150 level, it will head towards the resistance at 4175. A move above 4175 will push SP500 towards the next resistance at 4200. On the support side, a successful test of the 4115 level will open the way to the test of the support at 4090.

R1:4150 – R2:4175 – R3:4200

S1:4115 – S2:4090 – S3:4070

NASDAQ

NASDAQ is moving higher despite rising Treasury yields. Demand for AI-related stocks remains strong, and shares of Advanced Micro Devices are gaining 6% in today’s trading session.

The nearest resistance level for NASDAQ is located at 13,300. If NASDAQ manages to climb above this level, it will move towards the next resistance at 13,550. A move above 13,550 will push NASDAQ towards the 13,700 level.

R1:13,400 – R2:13,550 – R3:13,700

S1:13,250 – S2:13,140 – S3:13,000

Dow Jones

Dow Jones pulled back as the majority of the index components moved lower in today’s trading session. There are no notable losers, and it looks that traders are taking some profits off the table after the strong rebound.

In case Dow Jones declines below the support at 33,500, it will head towards the next support level at 33,300. A move below 33,300 will push Dow Jones towards the support level at 33,175. On the upside, Dow Jones needs to settle above 33,700 to have a chance to gain upside momentum in the near term.

R1:33,700 – R2:33,850 – R3:34,000

S1:33,500 – S2:33,300 – S3:33,175

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