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NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Tech Stocks Rebound

By:
Vladimir Zernov
Published: Apr 22, 2024, 19:24 GMT+00:00

Key Points:

  • SP500 rebounded above the psychologically important 5000 level.
  • NASDAQ gained strong upside momentum amid rising demand for tech stocks.
  • Dow Jones moved higher amid a broad rally in the equity markets.
NASDAQ Index, SP500, Dow Jones Forecasts

In this article:

SP500

SP500
SP500 220424 4h Chart

SP500 gains ground as traders use the recent pullback to increase their long positions. The rebound is broad, and all market segments are moving higher in today’s trading session. The rally is led by tech stocks, which have been under material pressure in recent days. NVIDIA, which is up by 4.6%, is among the biggest gainers in the SP500 index today. Meanwhile, Tesla , which is down by 3.2%, tested new lows. The stock pulled back after Bloomberg reported that Elon Musk wanted to lay off 20% of Tesla’s workforce. Previously, Tesla announced that it would lay off 10% of its workers. Tesla will release its earnings report tomorrow, after the market close.

SP500 found support in the 4930 – 4950 range and rebounded towards the resistance at 5035 – 5050. In case SP500 manages to settle above the 5050 level, it will head towards the next resistance, which is located in the 5100 – 5110 range.

NASDAQ

NASDAQ
NASDAQ 220424 4h Chart

NASDAQ is moving higher as tech stocks rebound. Today’s rebound is broad, and most stocks in the index are moving higher. From a big picture point of view, traders are buying AI-related stocks and ignore the disappointing performance of Tesla stock.

NASDAQ settled back above the support at 17,150 – 17,200 and is trying to climb above the 17,300 level. In case this attempt is successful, NASDAQ will head towards the next resistance at 17,450 – 17,500.

Dow Jones

Dow Jones
Dow Jones 220424 4h Chart

Dow Jones continues to rebound amid a broad rally in the equity markets. The rally is led by Goldman Sachs, which is up by 2.8% in today’s trading session. The stock is moving higher after the strong earnings report, which was released on April 15.

The nearest resistance level for Dow Jones is located in the 38,500 – 38,550 range. If Dow Jones climbs above 38,550, it will head towards the next resistance at 39,050 – 39,150.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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