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NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As AMD Tests New Highs

By:
Vladimir Zernov
Published: Feb 29, 2024, 19:19 GMT+00:00

Key Points:

  • SP500 gained ground as traders focused on the encouraging Personal Income report.
  • NASDAQ tested resistance at 18,000 - 18,050 as demand for AI stocks remained strong.
  • Dow Jones was mostly flat as defensive stocks have found themselves under pressure.
NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As AMD Tests New Highs

In this article:

SP500

SP500
SP500 290224 4h Chart

SP500 is moving higher as traders react to economic reports. Personal Income increased by 1% month-over-month in January, compared to analyst consensus of +0.4%. Personal Spending improved by 0.2%, in line with analyst estimates. Initial Jobless Claims grew from 202,000 to 215,000, while analysts expected that they would increase to 210,000. Core PCE Price Index increased by 0.4% month-over-month in January. Treasury yields moved lower, providing additional support to equity markets. Real estate and tech stocks were among the biggest gainers in the SP500 today, while consumer defensive and healthcare stocks have found themselves under pressure. From a big picture point of view, the market sentiment remains bullish.

SP500 has settled in a range between the support at 5050 and the resistance at 5110. In case SP500 manages to settle above the 5110 level, it will gain additional upside momentum and move towards new highs.

NASDAQ

NASDAQ
NASDAQ 290224 4h Chart

NASDAQ gained ground as Advanced Micro Devices rallied towards new highs. The stock is up by 7.5% today as traders stay bullish on AI-related companies. NVIDIA gained about 2% in today’s trading session. There are no signs of profit-taking in the leading AI stocks, which is bullish for the tech-heavy NASDAQ index.

From the technical point of view, NASDAQ continues its attempts to settle above the resistance at 18,000 – 18,050. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum.

Dow Jones

Dow Jones
Dow Jones 290224 4h Chart

Dow Jones is mostly flat due to the weak performance of healthcare and consumer defensive stocks. Traders stay bullish on tech stocks, while demand for defensive sectors is weak.

If Dow Jones climbs above the 39,000 level, it will head towards the nearest resistance, which is located in the 39,250 – 39,300 range.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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