NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rebounds As Traders Buy The Dip

SP500

SP500 rebounded from session lows and moved higher as traders bought the dip in tech stocks. Energy stocks were among the best performers in the SP500 index today as traders focused on the strong rally in the oil markets, which was triggered by a drone attack on Russia’s export hub in Novorossiysk. Basic materials stocks found themselves under pressure as traders reacted to the sell-off in precious metals markets. From a big picture point of view, traders stay bullish despite valuation worries and are ready to buy the dips.

Currently, SP500 is trying to settle above the resistance at 6765 – 6775. In case this attempt is successful, SP500 will move towards the next resistance level, which is located in the 6840 – 6850 range.

NASDAQ

NASDAQ gained ground as traders used the strong pullback as an opportunity to buy tech stocks at attractive levels. Micron, which was up by 5.2%, was the best performer in the NASDAQ index today. Strategy  pulled back by 5.3% as Bitcoin declined below the $95,000 level amid broad sell-off in crypto markets.

If NASDAQ settles above the resistance at 25,150 – 25,200, it will head towards the 50 MA at 25,400. A move above the 50 MA will push NASDAQ towards the next resistance level at 25,750 – 25,800.

Dow Jones

Dow Jones moved away from session lows but remained in the negative territory. Weak demand for consumer, financial, and healthcare stocks put material pressure on the Dow Jones index in today’s trading session.

If Dow Jones manages to settle above the 47,200 level, it will head towards the 50 MA at 47,414. In case Dow Jones climbs above the 50 MA, it will get to the test of the nearest resistance level, which is located in the 47,500 – 47,600 range.

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