NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Rebound Amid Rising Demand For Tech Stocks

SP500

SP500 rebounds as traders react to Producer Prices data. PPI increased by 0.2% month-over-month in March, compared to analyst consensus of +0.3%. Core PPI grew by 0.2%, in line with the analyst consensus. Initial Jobless Claims declined from 222,000 to 211,000, compared to analyst forecast of 215,000. Treasury yields tested new highs as bond traders bet on a more hawkish Fed. Interestingly, this move did not put any pressure on SP500. Traders rushed to buy tech stocks after the recent pullback. Apple was among the biggest gainers in SP500 today. The stock gained 3.7% as Bloomberg reported that the company wanted to overhaul its Mac line with new processors focused on AI. Energy stocks were among the biggest losers in SP500 today as traders reacted to the strong sell-off in natural gas markets and the pullback in the oil markets.

SP500 climbed back above the resistance at 5180 – 5190 and is trying to settle above the 50 MA at 5207. In case this attempt is successful, SP500 will head towards the next resistance, which is located in the 5260 – 5270 range.

NASDAQ

NASDAQ gained strong upside momentum amid rising demand for tech stocks. NVIDIA was among the biggest gainers in the NASDAQ index today as traders continued to buy AI-related stocks.

From the technical point of view, NASDAQ needs to settle above the strong resistance at 18,350 – 18,400 to gain upside momentum and test new highs. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.

Dow Jones

Dow Jones gained some ground but did not manage to develop strong upside momentum. Today, traders focused on buying tech stocks, while the index has a sufficient number of stocks from defensive sectors.

In case Dow Jones manages to settle above 38,550, it will head towards the 50 MA at 38,920.

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