NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Palantir Soars 9%

SP500

SP500 rallied as traders bet that U.S. government shutdown would end soon. The White House supports the bipartisan deal to end the shutdown, which is bullish for stocks. Flight disruptions may have served as the key catalyst that pushed Republicans and Democrats to find ways to end the shutdown. Tech stocks were among the biggest gainers in the SP500 index today as this sector is extremely sensitive to changes in investors’ appetite for risk. Consumer defensive stocks found themselves under pressure as demand for safe-haven assets declined.

SP500 climbed above the 50 MA at 6816 and is moving towards the nearest resistance level at 6840 – 6850. In case SP500 manages to settle above the 6850 level, it will head towards the next resistance at 6920 – 6930.

NASDAQ

NASDAQ gained strong upside momentum, supported by rising demand for tech stocks. Palantir, which was up by 9%, was the best performer in the NASDAQ index today. The stock, which is one of the symbols of the AI boom, benefited from rising appetite for AI-related stocks.

The nearest resistance level for NASDAQ index is located in the 25,750 – 25,800 range. A successful test of this level will open the way to the test of the next resistance at 26,250 – 26,300.

Dow Jones

Dow Jones moved higher amid broad rally in the equity markets. However, Dow Jones index failed to gain strong momentum as demand for defensive sectors declined. Procter & Gamble and Unitedhealth Group were amond the biggest losers in the Dow Jones index today.

In case Dow Jones settles above the 50 MA at 47,285, it will head towards the resistance at 47,500 – 47,600. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

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