NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Gain Ground As Microsoft Hits All-Time Highs

Key Insights

• SP500 gains ground as traders scoop up stocks after yesterday’s pullback. 
• NASDAQ tests new highs amid rising demand for tech stocks. 
• Dow Jones moved back above the 34,000 level as the appetite for risk increased. 

SP500

SP500 is moving higher as Microsoft stock hits all-time high levels. Traders bet that AI trend will boost the company’s earnings. Today, traders also focused on the Michigan Consumer Sentiment report, which showed that Consumer Sentiment declined from 63.8 in October to 60.4 in November. According to the report, lower-income consumers and younger consumers exhibited the strongest declines in sentiment. Treasury yields pulled back after yesterday’s rally, providing additional support to SP500 and other major indices.

Currently, SP500 is trying to settle above the resistance at 4380 – 4400. In case SP500 manages to settle above the 4400 level, it will head towards the next resistance, which is located in the 4460 – 4475 range.

NASDAQ

NASDAQ gains ground as demand for tech stocks remains strong. Advanced Micro Devices, which is up by 4% in today’s trading session, is among the biggest gainers today.

If NASDAQ settles above the resistance at 15,200 – 15,350, it will gain additional upside momentum and move towards the next resistance level at 15,800 – 15,900.

Dow Jones

Dow Jones has also moved higher in today’s trading session, although this move was not strong. The pullback in Disney stock, which is down by 3.5% after yesterday’s rally, hurt Dow Jones’ performance.

Dow Jones needs to settle above the resistance at 34,000 – 34,150 to have a chance to gain sustainable upside momentum. RSI is in the moderate territory, so there is enough room to gain momentum in case the right catalysts emerge. A successful test of the 34,150 level will open the way to the test of the next resistance at 34,650 – 34,800.

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