NASDAQ Index, SP500, Dow Jones Forecasts – Stocks Move Higher Ahead Of Thanksgiving

Key Insights

• SP500 settled above the 4550 level and is moving towards the nearest resistance at 4575 – 4600.
• NASDAQ gains ground as demand for tech stocks remains strong. 
• Dow Jones is moving higher, supported by the strong performance of Microsoft shares.

SP500

SP500 gains ground as traders stay bullish ahead of the holiday. Today, traders focused on economic reports. Initial Jobless Claims report showed that 209,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 225,000. The report showed that the job market remained in a good shape. Durable Goods Orders declined by 5.4% month-over-month in October, compared to analyst consensus of -3.1%. The final reading of Michigan Consumer Sentiment report indicated that Consumer Sentiment decreased from 63.8 in October to 61.3 in November, compared to analyst consensus of 60.5. Today’s move is broad, and the majority of market segments are moving higher. However, energy stocks have found themselves under strong pressure as traders focused on the sell-off in the oil markets.

From the technical point of view, SP500 is moving towards the resistance at 4575 – 4600. SP500 may be ready to test this level after the holiday.

NASDAQ

NASDAQ is moving higher despite the pullbacks in Tesla and NVIDIA stocks. Shares of NVIDIA are down by 2.2% as traders react to the company’s earnings report. At first glance, traders have decided to “sell the news” as the stock is trading near all-time high levels.

NASDAQ settled above the 16,000 level and is trying to move above 16,100. In case this attempt is successful, NASDAQ will head towards the nearest resistance level at 16,400 – 16,500.

Dow Jones

Dow Jones has also gained ground as Microsoft stock tested new highs. The majority of Dow Jones components are moving higher as general market sentiment remains bullish.

RSI has recently moved into the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

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