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NASDAQ Index, SP500, Dow Jones Forecasts – SP500 Is Flat Despite Tesla’s Rally

By:
Vladimir Zernov
Updated: Apr 24, 2024, 19:51 GMT+00:00

Key Points:

  • SP500 settled near 5070 after an unsuccessful attempt to climb above the 5100 level.
  • NASDAQ moved away from recent highs as NVIDIA stock found itself under pressure.
  • Dow Jones declined as Boeing tested new lows.
NASDAQ Index, SP500, Dow Jones Forecasts

In this article:

SP500

SP500
SP500 240424 4h Chart

SP500 moved away from recent highs due to the strong pullback in industrials stocks. Old Dominion Freight Line, which is down by 10.5%, is the worst performer in the SP500 index today. The stock gained strong downside momentum as traders reacted to the company’s earnings report. Today, traders also focused on the economic reports. Durable Goods Orders increased by 2.6% month-over-month in March, compared to analyst consensus of +2.5%. Durable Goods Orders Ex Transp increased by 0.2%, while analysts expected that they would grow by 0.3%. Consumer defensive and utilities stocks gained ground as traders were searching for safe-haven assets after the recent rebound.

SP500 did not manage to settle above the resistance at 5100 – 5110 and settled near the 5070 level. The nearest support for SP500 is located in the 5035 – 5050 range. In case SP500 settles below 5035, it will head towards the next support at 4930 – 4950.

NASDAQ

NASDAQ
NASDAQ 240424 4h Chart

NASDAQ is losing some ground despite the strong rally in Tesla stock. Tesla is up by 12.2% as th company’s earnings report was not as bad as the market feared. It should be noted that NVIDIA  is down by 3% as traders reduce exposure to AI-related stocks after the recent rebound.

Currently, NASDAQ is trying to settle back below the support at 17,450 – 17,500. In case this attempt is successful, NASDAQ will head towards the next support level, which is located in the 17,150 – 17,200 range.

Dow Jones

Dow Jones
Dow Jones 240424 4h Chart

Dow Jones is moving lower as Boeing is down by 3.1% after the release of its earnings report. Moody’s downgraded Boeing from Baa2 to Baa3, putting additional pressure on the stock.

Dow Jones made several attempts to settle above the nearest resistance at 38,500 – 38,550 but these attempts yielded no results. In case Dow Jones declines below the 38,300 level, it will head towards the 50 MA at 38,030.

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

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

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