NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Move Higher Ahead Of NVIDIA’s Report

SP500

SP500 gains ground amid rising demand for energy stocks. APA Corporation and Valero Energy are among the biggest gainers in the SP500 index today. From a big picture point of view, traders bet that Fed will cut rates amid strong pressure from President Trump. It should be noted that stock traders ignored the new 50% tariff on Indian goods, which was imposed due to the country’s purchases of Russian oil.

Currently, SP500 is trying to settle above the resistance at 6480 – 6490. In case this attempt is successful, SP500 will move towards the 6550 level. RSI remains in the moderate territory, so there is plenty of room to gain additional upside momentum in the near term.

NASDAQ

NASDAQ gains ground as traders prepare for NVIDIA’s earnings report, which will be released today after market close. This report will have a major impact on NASDAQ dynamics due to NVIDIA’s huge market capitalization. In addition, it will have a material impact on AI-related stocks.

In case NASDAQ stays above the resistance at 23,450 – 23,500, it will head towards the resistance level at 23,900 – 23,950.  If NASDAQ climbs above 23,950, it will move towards the 24,500 level. Traders should be prepared for fast moves after the release of NVIDIA’s report.

Dow Jones

Dow Jones is moving higher, supported by rising demand for energy and tech stocks. Salesforce, which is up by 2.3%, is the biggest gainer in the Dow Jones index today.

From the technical point of view, Dow Jones is moving towards the resistance, which is located near recent highs in the 45,700 – 45,800 range. A move above 45,800 will push Dow Jones towards the 46,000 level. On the support side, a move below 45,400 will open the way to the test of the nearest support level at 45,000 – 45,100.

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