NASDAQ, SP500, Dow Jones Forecasts: SPX Hits Record High, Earnings Session In Play

Key Insights

• U.S. stock futures remain steady, anticipating corporate earnings, economic data, and the Federal Reserve policy decision.
• S&P 500 reaches a record high, Nasdaq surges, Dow Jones adds gains; iRobot and SoFi Technologies make notable moves.
• Boeing’s safety exemption withdrawal affects aviation, while BYD forecasts lower profits, impacting broader indices.

Investors Await Earnings, Economic Data, and Fed Decision; S&P 500 Hits Record High

U.S. indices exhibits bullish bias as investors prepared for a week filled with corporate earnings, economic data, and a Federal Reserve policy decision. Tech giants Microsoft and Alphabet are set to report earnings, with a focus on their artificial intelligence initiatives.

The S&P 500 reached a record high, the Nasdaq Composite surged, and the Dow Jones Industrial Average added gains in the previous session. Individual stocks saw significant moves, including iRobot and SoFi Technologies.

Boeing withdrew its request for a safety exemption, impacting aviation. BYD, the world’s largest electric vehicle maker, forecasted lower-than-expected profits due to competition in China’s EV industry. These events may influence broader indices like the S&P 500, Dow Jones, and Nasdaq

SPX SP500 Price Forecast

On January 30, the S&P 500 Index (SPX)  showcases a pivot point at $4914.51, which is crucial for determining the index’s short-term direction. The SPX faces immediate resistance at $4944.92, with further challenges at $4978.37 and $5015.62. Conversely, support lies at $4889.43, followed by $4857.50 and $4825.57.

Technical indicators, including the 50-Day and 200-Day Exponential Moving Averages at $4785.59 and $4580.51 respectively, signify a bullish trend. The chart pattern, characterized by a bullish engulfing candle and a breakout above the 227.2% Fibonacci Extension level of $4914.93, suggests a likelihood of continued upward movement.

In summary, the SPX is exhibiting a bullish trend above the pivotal level of $4914.93, indicating potential for further upside price action.

Dow Price Forecast

On January 30, the Dow Jones Industrial Average displayed a pivotal point at $38,250.27, a key reference for assessing the index’s immediate trajectory. Resistance levels included $38,489.16, $38,713.12, and $38,842.51, representing potential obstacles to further price appreciation. Conversely, support could be found at $38,052.32, $37,805.34, and $37,615.36, serving as potential bastions in the event of a downturn.

Technical indicators, specifically the 50-Day and 200-Day EMAs at $37,928.05 and $37,318.95, respectively, hinted at bullish undertones. The Dow Jones appeared to breach a trendline around $38,250.27, suggesting room for further upward movement, possibly targeting $38,485 and beyond.

In summary, the Dow Jones maintains a bullish stance above $38,250.27, with potential for further gains in the near term.

NASDAQ Price Forecast

The NASDAQ Composite’s 4-hour chart reveals a pivot point at $15,603.44, crucial for gauging the index’s near-term direction. Resistance levels are set at $15,728.41, $15,858.84, and $15,989.28, marking potential points of contention for further price ascents. Conversely, support is found at $15,442.64, $15,336.31, and $15,224.79, which could offer stabilization in case of declines.

Technical indicators, the 50-Day and 200-Day EMAs, stand at $15,274.39 and $14,723.67, suggesting bullish undercurrents. A significant breach of the double top pattern around the $15,600 mark, combined with a bullish engulfing candlestick formation, points to potential buying momentum.

In summary, NASDAQ shows a bullish trend above $15,603.44, with expectations of testing higher resistance levels in the short term.

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