NASDAQ Index, SP500, Dow Jones Forecasts – SP500 And NASDAQ Move Higher As Tech Stocks Rebound

Key Insights

• SP500 gained ground as traders used the recent sell-off as an opportunity to increase their long positions. 
• NASDAQ is trying to settle above the resistance at 17,650 – 17,700.
• Dow Jones is swinging between gains and losses as Apple retreats after Zuckerberg’s review of its Apple Vision Pro headset.

SP500

SP500 rebounds after yesterday’s sell-off, which was triggered by the release of inflation data for January. Today, traders had a chance to take a look at the final reading of Producer Prices reports for December. PPI declined by 0.2% month-over-month, compared to analyst consensus of -0.1%. Core PPI decreased by 0.1%, while analysts expected that it would remain unchanged. Treasury yields moved lower as bond traders used the recent pullback as an opportunity to establish long positions. Today’s rebound was broad, and the majority of market segments were moving higher. Energy and Consumer Defensive stocks were the only sectors that were losing ground in today’s trading session.

The nearest resistance level for SP500 is located in the 4990 – 5000 range. A move above the psychologically important 5000 level will provide SP500 with an opportunity to gain additional upside momentum.

NASDAQ

NASDAQ is moving higher as tech stocks rebound after sell-off. Traders stay focused on AI-related stocks. Advanced Micro Devices, Meta, and Intel are among the biggest gainers in the NASDAQ index today.

Currently, NASDAQ is trying to settle above the resistance at 17,650 – 17,700. In case NASDAQ manages to settle above this level, it will head towards the next resistance, which is located in the 18,000 – 18,050 range.

Dow Jones

Dow Jones is mostly flat as the index is trying to stabilize after the sell-off. Apple, which is down by 1.1%, is the worst performer in the Dow Jones index today. The stock gained downside momentum as traders reacted to Zuckerberg’s review of Apple Vision Pro. Not surprisingly, Zuckerberg claimed that Meta’s Quest 3 was a better product.

If Dow Jones declines below the nearest support at 38,100 – 38,150, it will head towards the next support level, which is located in the 37,750 – 37,800 range.

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