NASDAQ Index, SP500, Dow Jones Analysis – SP500 Tests New Highs As Demand For Tech Stocks Stays Strong
- SP500 moved above the 4300 level amid rising demand for tech stocks.
- The tech-heavy NASDAQ has also enjoyed support today.
- Dow Jones made an attempt to climb above the 34,000 level.
SP500 tested new highs amid rising demand for Technology and Consumer Cyclical stocks. Today’s move is not broad, and a number of market segments is under pressure. However, the tech segment has a big weight in the index, so the strong performance of tech stocks pushed SP500 to new highs. The absence of material economic news also served as a positive catalyst for SP500.
From the technical point of view, SP500 has finally managed to settle above the resistance at 4285. The next resistance level is located at 4325. If SP500 climbs above this level, it will move towards the resistance at 4360.
R1:4325 – R2:4360 – R3:4400
S1:4285 – S2:4250 – S3:4215
NASDAQ has also managed to gain upside momentum amid rising demand for tech stocks. Today’s move was led by Tesla, which gained 4.5% after it secured another EV-charging deal.
NASDAQ continues its attempts to settle above the resistance at 14,600. If NASDAQ climbs above this level, it will head towards the next resistance at 14,800. A move above 14,800 will open the way to the test of the 15,050 level.
R1:14,600 – R2:14,800 – R3:15,050
S1:14,450 – S2:14,300 – S3:14,100
Dow Jones tested new highs as the rebound continued. Salesforce, which was up by 2.5%, was the only notable gainer in the Dow Jones index today.
A successful test of the resistance at 34,000 will open the way to the test of the next resistance level at 34,130. If Dow Jones climbs above this level, it will head towards the resistance at 34,250.
R1:34,000 – R2:34,130 – R3:34,250
S1:33,800 – S2:33,650 – S3:33,500
For a look at all of today’s economic events, check out our economic calendar.