SP500 Tests New Highs As Traders React To CoreWeave’s Report
SP500 gains ground as traders shrug off worries about rising inflation and focus on strong results from CoreWeave.
CoreWeave stock is up by +24% as the company said that data-center expansion plan remained on track. CoreWeave’s problems have previously served as an important negative catalyst for the whole AI sector, so an encouraging report provided strong support to tech stocks. CoreWeave is not included into SP500, but its strong rally served as a major positive catalyst for the index.
Traders also focused on developments in the oil markets. Oil prices gained some ground as traders waited for news about U.S. – Iran talks. The move was not strong, so rising oil prices did not put pressure on the SP500 index today.
Tech stocks were among the biggest gainers in the index today as traders reacted to CoreWeave’s results. Energy stocks gained upside momentum as oil prices moved away from multi-week lows. Real estate and consumer stocks found themselves under pressure as demand for safe-haven assets declined.
Currently, SP500 is trying to settle above the resistance level at 7620 – 7630. In case this attempt is successful, SP500 will move towards the next resistance at 7715 – 7725. RSI is in the moderate territory, so there is plenty of room to gain momentum in the near term.
On the support side, a move below the 7600 level will push SP500 towards the support at 7550 – 7560.
NASDAQ Soars As Traders Rush To Buy AI Stocks
NASDAQ rallied as demand for AI stocks increased after CoreWeave’s report. Not surprisingly, CoreWeave was the biggest gainer in the NASDAQ index today. Memory chip stocks have also gained strong upside momentum. The stocks have started to recover after the strong pullback, which was driven by worries about potential slowdown of data center development.
If NASDAQ manages to settle above the 28,500 level, it will head towards the resistance level at 28,800 – 28,850. A move above 28,850 will push NASDAQ towards the 29,000 level.
On the support side, the nearest support level for NASDAQ is located in the 27,950 – 28,000 range. If NASDAQ declines below the 27,950 level, it will head towards the next support at 27,100 – 27,150.
Dow Jones Price Forecast
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See all Dow Jones forecastsDow Jones Tests Resistance At 52,300 – 52,400
Dow Jones is moving higher amid broad rally in the equity markets. NVIDIA, which is up by +3.8%, is the biggest gainer in the Dow Jones index today. The stock has started to recover from the sell-off, which was triggered by the spy scandal. It remains to be seen whether this rebound will be sustainable as the spy story continues to develop.
Dow Jones attempts to settle above the resistance level at 52,300 – 52,400. In case this attempt is successful, Dow Jones will head towards the next resistance level, which is located in the 52,800 – 52,900 range. On the support side, a move below the 50 MA at 52,120 will push Dow Jones towards the next support at 51,400 – 51,500.
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