NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground Ahead Of NVIDIA’s Report

SP500

SP500 gains ground as traders wait for NVIDIA’s earnings report, which will be released after market close. The report will have a major impact on market dynamics as it will show whether fears of AI bubble are justified. NVIDIA is up by 2.2% ahead of the report. Energy stocks are among the biggest losers in the SP500 index today as traders focus on the strong pullback in the oil markets. Real estate and consumer defensive stocks have also found themselves under pressure. Basic materials stocks gained ground as traders focused on rising precious metals markets.

Currently, SP500 is trying to settle back above the support level, which is located in the 6640 – 6650 range. In case this attempt is successful, SP500 will head towards the nearest resistance at 6765 – 6775. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.

NASDAQ

NASDAQ has also managed to gain some ground ahead of NVIDIA’s report. Strategy, which was down by 10.9%, was the worst performer in the NASDAQ index today. The stock suffered a strong sell-off as Bitcoin declined below the $90,000 level amid broad pullback in crypto markets.

In case NASDAQ settles above the 24,700 level, it will head towards the resistance, which is located in the 25,150 – 25,200 range.

Dow Jones

Dow Jones is mostly flat ahead of NVIDIA’s earnings report. NVIDIA is the best performer in the Dow Jones index today as some traders are ready to bet that the stock will rally after the release of the report.

If Dow Jones settles above the 46,200 level, it will head towards the nearest resistance at 46,400 – 46,500. On the support side, a move below 46,100 will push Dow Jones towards the support level at 45,800 – 45,900.

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