NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Tests New Highs

Key Insights

• SP500 is moving towards the 4800 level as general market sentiment remains bullish.
• NASDAQ made an attempt to settle above the 16,900 level as Intel tested yearly highs. 
• Dow Jones is trying to settle above the resistance at 37,500.

SP500

SP500 gains ground as traders react to the better-than-expected Dallas Fed Manufacturing Index report. The general market sentiment remains bullish as investors stay focused on dovish Fed. All market segments are moving higher as traders rush to increase their long positions at the end of the year. Energy stocks are among the biggest gainers in SP500 today. Oil prices rallied amid rising tensions in the Middle East.

RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. A move above the 4790 level will push SP500 towards all-time highs at 4820. Each pullback is quickly bought, which indicates that the current trend stays strong.

NASDAQ

NASDAQ gains ground as the rally continues. Intel, which is up by 4.7%, is the biggest gainer in the NASDAQ index today. The stock gained strong momentum as the company announced its plans to build a chip plant in Israel. Strong demand for AI-related stocks provided additional support to Intel.

From the technical point of view, NASDAQ settled above the resistance at 16,750 – 16,800 and is moving towards the 17,000 level.

Dow Jones

Dow Jones continues its attempts to settle above the resistance at 37,400 – 37,500, supported by the strong performance of Intel stock.

If Dow Jones settles above 37,500, it will get to the test of the recent highs at 37,641.

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