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

SP500

SP500 gained ground as traders focused on strong job market data. Initial Jobless Claims report indicated that 198,000 Americans filed for unemployment benefits in a week, compared to analyst forecast of 215,000. Today, traders also had a chance to take a look at the Philadelphia Fed Manufacturing Index report. The report showed that Philadelphia Fed Manufacturing Index improved from -8.8 in December to +12.6 in January, compared to analyst consensus of -2. NY Empire State Manufacturing Index increased from -3.7 to +7.7, compared to analyst forecast of +1. Tech stocks were among the biggest gainers in the SP500 index today. Energy stocks found themselves under pressure as traders focused on the pullback in the oil markets.

SP500 settled back above the 6950 level and is trying to climb above 6980. In case this attempt is successful, SP500 will move towards the resistance at 7000 – 7010.

NASDAQ

NASDAQ gained upside momentum amid strong demand for tech stocks. AI leaders like Advanced Micro Devices and NVIDIA were among the biggest gainers in the NASDAQ index today.

The nearest significant resistance level for NASDAQ is located in the 25,800 – 25,850 range. A move above the 25,850 level will open the way to the test of the 26,500 level. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentuim in case the right catalysts emerge.

Dow Jones

Dow Jones moved higher as Goldman Sachs rallied 4.9%. The stock tested historic highs as traders reacted to the better-than-expected earnings report. The company’s earnings were boosted by strong dealmaking activity.

Currently, Dow Jones is trying to settle above the key resistance level, which is located in the 49,500 – 49,600 range. In case this attempt is successful, Dow Jones will move towards the psychologically important 50,000 level.

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