NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground Amid Rising Demand For Tech Stocks

SP500

SP500 continues to move higher as traders react to economic reports. Durable Goods Orders increased by +0.5% month-over-month in September, compared to analyst forecast of +0.3%. Durable Goods Orders Ex Transp grew by +0.6%, while analysts expected that they would increase by +0.2%. The Initial Jobless Claims report indicated that 216,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 225,000. Today, traders also had a chance to take a look at the Chicago PMI report for November. The report showed that Chicago PMI decreased from 43.8 in October to 36.3 in November, compared to analyst forecast of 44.3. The rally was broad, and most market sectors moved higher in today’s trading session. Basic materials stocks were among the biggest gainers as traders focused on the rally in precious metals markets.

SP500 climbed above the 6800 level and is trying to settle above 6830. In case this attempt is successful, SP500 will head towards the nearest resistance, which is located in the 6870 – 6880 range.

NASDAQ

NASDAQ moved higher amid strong demand for tech stocks. Strategy, which was up by 4.3%, was among the biggest gainers in the NASDAQ index today. The stock gained ground as Bitcoin climbed above the $90,000 level.

Currently, NASDAQ is trying to settle above the resistance at 25,200 – 25,250. In case this attempt is successful, NASDAQ will head towards the next resistance level, which is located in the 25,750 – 25,800 range.

Dow Jones

Dow Jones tests new highs as rebound continues. Boeing, which is up by 2.7%, is the best performer in the Dow Jones index today.

From the technical point of view, Dow Jones climbed above the resistance at 47,100 – 47,200 and is trying to settle above the 47,500 level. A move above 47,500 will push Dow Jones towards the resistance at 47,900 – 48,000.

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