NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Mixed At The Start Of The Week

Key Insights

• SP500 remains stuck near the 4560 level as traders wait for additional catalysts. 
• NASDAQ is moving higher as demand for AI-related stocks stays strong. 
• Dow Jones pulled back amid profit-taking. 

SP500

SP500 is mostly flat as traders react to the economic reports. New Home Sales declined by 5.6% month-over-month in October, compared to analyst consensus of -4%. Dallas Fed Manufacturing Index decreased from -19.2 in October to -19.9 in November, while analysts expected that it would improve to -17. The weaker-than-expected reports did not put pressure on stocks as traders also focused on falling Treasury yields. The yield of 10-year Treasuries declined towards the 4.40% level, while the yield of 30-year Treasuries pulled back towards 4.55%. The yield-sensitive Real Estate and Technology stocks were among the biggest gainers today, while Energy stocks have found themselves under pressure.

The technical picture remains unchanged. SP500 needs to settle above the resistance at 4575 – 4600 to gain additional upside momentum.

NASDAQ

NASDAQ is moving higher as demand for tech stocks remains strong. Chip stocks are among the biggest gainers in the NASDAQ index today as traders stay focused on AI-related companies.

NASDAQ received solid support in the 15,800 – 15,900 range. In case NASDAQ settles above the 16,000 level, it will move towards the next resistance at 16,400 – 16,500.

Dow Jones

Dow Jones is losing ground as traders take some profits off the table near multi-month highs. Chevron, which is down by 1.3%, is among the biggest losers in the Dow Jones index today. The stock is under pressure as traders remain worried about near-term dynamics of the oil markets.

From the technical point of view, RSI has recently moved into the moderate territory, so Dow Jones has a decent chance to test the nearest resistance at 35,550 – 35,700.

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