NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Intel Rallies 7.7%

SP500

SP500 gains ground as tech stocks move higher. It should be noted that most market sectors are under pressure in today’s trading session. Basic materials stocks are among the biggest losers as traders focus on the pullback in precious metals markets. Energy stocks have also found themselves under pressure as natural gas and oil markets moved lower. There are no important economic reports scheduled to be released today, so traders will stay focused on general market sentiment.

The technical picture remains unchanged as SP500 is stuck below the resistance level at 6870 – 6880. A move above this level will open the way to the test of historic highs near the 6930 level. RSI is in the moderate territory, and there is plenty of room to gain upside momentum in case the right catalysts emerge.

NASDAQ

NASDAQ is moving higher amid strong demand for tech stocks. Intel, which is up by 7.7%, is the biggest gainer in the NASDAQ index today. The stock tested new highs as traders remained focused on recent report, which indicated that the company would supply chips for Apple. Strategy is also up by 7.7% as traders focus on the strong rebound of Bitcoin, which managed to climb back above the $92,000 level.

Currently, NASDAQ is trying to settle above the 25,600 level. In case this attempt is successful, NASDAQ will head towards the nearest resistance, which is located in the 25,750 – 25,800 range.

Dow Jones

Dow Jones managed to gain some ground, supported by the strong performance of Boeing stock. Boeing gained 9.5% as its CFO said that the company would increase 737 and 787 deliveries in the next year.

Dow Jones found support near the 47,200 level and rebounded towards the 47,500 level. In case Dow Jones settles above 47,500, it will head towards the nearest resistance, which is located in the 47,900 – 48,000 range.

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