NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests Historic Highs As Rally Continues

SP500

SP500 tests new highs as traders stay focused on AI-related developments and prepare for earnings reports from tech megacaps. NVIDIA announced that it would make a $1 billion equity investment in Nokia. The company plans to integrate its tech into Nokia’s network products. Today, traders focused on CB Consumer Confidence report for October. The report indicated that CB Consumer Confidence declined from 95.6 in September to 94.6 in October, compared to analyst forecast of 93.2. Traders also had a chance to take a look at the Case-Shiller Home Price index report for August. The report showed that home prices increased by +1.6% year-over-year, compared to analyst consensus of +1.9%. It should be noted that today’s move was not broad, and most market sectors moved lower. Tech stocks were among the leaders today, while real estate and utilities stocks found themselves under pressure.

In case SP500 settles above the resistance at 6890 – 6900, it will head towards the 6950 level. RSI remains in the overbought territory, so the risks of a pullback are increasing.

NASDAQ

NASDAQ rallied amid rising demand for AI-related stocks. Interestingly, PayPal was among the biggest gainers in the NASDAQ index today. The stock gained 7% as the company beat earnings estimates and raised full-year earnings guidance.

A move above the resistance at 25,950 – 26,000 opens the way to the test of the 26,500 level.

Dow Jones

Dow Jones gained ground, supported by the strong performance of tech stocks. NVIDIA, Microsoft, and IBM were among the biggest gainers in the Dow Jones index today.

Dow Jones moved above the resistance at 47,500 – 47,550 and is trying to settle above the 47,800 level. In case this attempt is successful, Dow Jones will move towards the 48,000 level.

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