NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Jumps As NVIDIA Rallies

Key Insights

• SP500 advances amidst higher Treasury yields and a strengthening U.S. dollar on a slow news day.
• NVIDIA’s robust performance pushes NASDAQ higher.
• Dow Jones in a lull, remaining confined within a narrow range as traders wait for new catalysts.

SP500

SP500 gained some ground on a slow news day. There were no important economic reports scheduled to be released today, so traders focused on general market sentiment. Treasury yields continued to move higher, while U.S. dollar gained ground against a broad basket of currencies. Interestingly, these moves did not put pressure on major indices. The trading volume was below average as traders waited for additional catalysts.

From the technical point of view, SP500 is trying to move away from the nearest support in the 4430 – 4450 range. In case SP500 climbs above the 200 MA at 4500, it will head towards the nearest resistance level, which is located in the 4575 – 4600 range.

NASDAQ

NASDAQ is moving higher as traders focus on the strong performance of NVIDIA stock, which is up by 6% after an upgrade from Morgan Stanley. Advanced Micro Devices have also managed to gain strong momentum and is up by 3.5% in today’s trading session.

NASDAQ has moved towards the nearest resistance level, which is located in the 15,200 – 15,300 range. In case NASDAQ manages to climb back above 15,300, it will head towards the next significant resistance at 15,900 – 16,000.

Dow Jones

Dow Jones remains stuck in a tight range as traders wait for catalysts. There are no big moves in the Dow Jones index today, and the trading session is very calm.

If Dow Jones declines below the nearest support at 35,000 – 35,100, it will head towards the next support level, which is located in the 34,500 – 34,600 range.

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