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

SP500

SP500 gains ground amid rising demand for tech stocks. The rally is broad, and most market sectors are moving higher in today’s trading session. Utilities and consumer defensive stocks found themselves under pressure as demand for safe-haven assets declined. Today, traders focused on the final reading of Michigan Consumer Sentiment report. The report indicated that Michigan Consumer Sentiment improved from 51.0 in November to 52.9 in December, compared to analyst consensus of 53.4. Existing Home Sales increased by +0.5% month-over-month in November, exceeding the analyst forecast of -4.8%. From a big picture point of view, traders shrug off worries about valuations of AI-related stocks and enjoy the Santa Rally.

The nearest resistance level for SP500 is located in the 6870 – 6880 range. A move above the 6880 level will open the way to the test of the 6930 level. In case SP500 climbs above 6930, it will move towards the psychologically important 7000 level.

NASDAQ

NASDAQ gains ground, supported by strong demand for tech stocks. Micron and Advanced Micro Devices are the biggest gainers in the NASDAQ index today.

NASDAQ climbed above the resistance at 25,200 – 25,250 and is trying to settle above the 50 MA at 25,308. In case this attempt is successful, NASDAQ will head towards the resistance level at 25,800 – 25,850.

Dow Jones

Dow Jones moved higher amid broad rally in the equity markets. NVIDIA, which was up by 3.2%, was the biggest gainer in the Dow Jones index today.

Currently, Dow Jones is trying to settle above the 48,250 level. If Dow Jones climbs above this level, it will head towards the resistance, which is located near historic highs at 48,700 – 48,800. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

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