NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Intel Soars 22.7%

SP500

SP500 gains ground as traders stay focused on Fed Interest Rate Decision. The Fed signaled that rates would be lower than previously expected, which is bullish for stocks. Today, traders had a chance to take a look at the Initial Jobless Claims report. The report showed that Initial Jobless Claims declined from 264,000 to 231,000, compared to analyst forecast of 240,000. Philadelphia Fed Manufacturing Index improved from -0.3 in August to +23.2 in September, compared to analyst consensus of +2.3. Tech stocks were among the biggest gainers in the SP500 index today, while consumer defensive stocks found themselves under pressure.

The nearest resistance level for SP500 is located in the 6670 – 6680 range. A move above the 6680 level will push SP500 above the 6700 level. RSI has recently moved back into the moderate territory, so there is enough room to gain momentum in the near term.

NASDAQ

NASDAQ tests new highs as Intel  gains 22.7%. The stock soared as NVIDIA decided to invest $5 billion in the company. NVIDIA stock is up by 3.7% as traders bet that the deal would pay off.

Currently, NASDAQ is trying to settle above the resistance at 24,550 – 24,600. In case this attempt is successful, NASDAQ will head towards the 25,000 level.

Dow Jones

Dow Jones gained some ground, supported by the strong performance of NVIDIA stock. However, the index did not gain strong upside momentum due to weak demand for consumer defensive and consumer cyclical stocks.

The technical picture remains unchanged as Dow Jones needs to settle above the resistance at 46,100 – 46,200 to gain additional upside momentum in the near term. On the support side, a move below the 46,000 level will push Dow Jones towards the nearest support level at 45,700 – 45,800.

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