NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests Historic Highs As Apple Gains 4%

SP500

SP500 tests new highs as traders stay focused on dovish Fed policy outlook. The rally is led by tech stocks. Basic materials stocks have also enjoyed strong support in today’s trading session as gold markets tested historic highs. Consumer defensive and consumer cyclical stocks have found themselves under pressure as demand for safe-haven assets declined. Today, traders had a chance to take a look at the Chicago Fed National Activity Index report. The report indicated that Chicago Fed National Activity index increased from -0.28 in July to -0.12 in August, compared to analyst forecast of -0.17. Treasury yields moved higher, but this move did not put any pressure on stocks.

SP500 climbed above the resistance at 6670 – 6680 and is trying to settle above the 6700 level. In case this attempt is successful, SP500 will head towards the 6750 level. RSI has recently moved into the overbought territory, but there is enough room to gain additional momentum in the near term.

NASDAQ

NASDAQ also tests historic highs amid rising demand for tech stocks. Apple, which is up by 4%, is among the biggest gainers in the NASDAQ index today. The stock tested multi-month highs as traders bet on the success of iPhone 17.

NASDAQ moved above the resistance level at 24,550 – 24,600 and is heading towards the 25,000 level. RSI is in the overbought territory, and the risks of a pullback are increasing.

Dow Jones

Dow Jones continues its attempts to settle above the strong resistance level at 46,100 – 46,200. The strong performance of Apple and NVIDIA  stocks provides material support to the index.

In case Dow Jones manages to settle above the 46,400 level, it will gain additional upside momentum and head towards the 47,000 level. RSI remains in the moderate territory, which is bullish for Dow Jones.

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