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

SP500 Tests Resistance At 6940 – 6950

SP500 gained ground as the market reacted to Trump’s State of the Union address and focused on NVIDIA’s earnings report, which would be released after market close.

According to U.S. Trade Representative Greer, President Donald Trump will raise his global tariff to 15% “where appropriate”. He also signaled that Trump did not want to introduce major changes for countries who have already signed trade deals.

Greer also noted that changes would not lead to higher rates for countries that have trade agreements. The market believes that the worst-case scenario, which implied that trade deals with some countries would fall apart due to 15% global tariffs, will be avoided.

Traders are also waiting for the key NVIDIA report, which will highlight the current situation in the AI market.

AI-related fears have recently put material pressure on the software sector. However, traders have already started to buy the dip in other sectors and bet that chip producers would benefit from big deals with hyperscalers. NVIDIA shares are up by 2.2% in today’s trading session.

Tech stocks were among the biggest gainers as traders were bullish ahead of NVIDIA’s report. Basic materials stocks have also managed to gain strong upside momentum as traders focused on the major rally in precious metals markets. Silver prices gained 4%, while platinum markets were up by more than 7%.

Consumer defensive stocks have found themselves under pressure as demand for safe-haven assets declined.

Currently, SP500 is trying to settle above the nearest resistance at 6940 – 6950. In case SP500 manages to settle above the 6950 level, it will move towards the next resistance, which is located in the 7010 – 7020 range. RSI is moving towards the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

NASDAQ Gained Strong Momentum As Traders Prepared For NVIDIA’s Report

NASDAQ tested weekly highs as demand for tech stocks increased ahead of NVIDIA’s report.

Strategy, which was up by 9%, was among the biggest gainers in the NASDAQ index today. The stock rallied as Bitcoin climbed towards the $69,000 level.

Traders should be prepared for volatility after the release of NVIDIA’s earnings as this report will have a major impact on market dynamics.

NASDAQ moved above the resistance at 25,200 – 25,250 and is trying to settle above the 25,300 level. In case this attempt is successful, NASDAQ will head towards the resistance level at 25,600 – 25,650. On the support side, a move below 25,000 will push NASDAQ towards the nearest support level at 24,700 – 24,750.

Dow Jones Gained Ground As IBM Continued To Rebound After Recent Sell-Off

Dow Jones is moving hgiher as IBM  gains 3.7%. The stock continues to rebound after the sell-off, which was triggered by new features of Anthropic’s Claude Code tool.

Salesforce, which has been under strong pressure since the start of the year, has also managed to gain strong momentum in today’s trading session. The stock is up by 3% as traders buy the dip.

From the technical point of view, Dow Jones attempts to settle above the resistance at 49,500 – 49,550. If Dow Jones climbs above the 49,500 level, it will move towards the next resistance, which is located near historic highs at 50,400 – 50,500. On the support side, a move below the 49,200 level will push Dow Jones towards the support at 48,700 – 48,800.

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