SPX

NASDAQ Index, SP500, Dow Jones Forecasts – Major Indices Rally As Traders Purchase Tech Stocks

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SP500

SP500 020524 4h Chart

SP500 gains ground as traders focus on falling Treasury yields and U.S. dollar’s pullback. It looks that markets have decided that Powell was dovish during his press conference. The rally is broad, and all market segments are moving higher in today’s trading session. Today, traders had a chance to take a look at the Factory Orders report for March, which showed that Factory Orders increased by 1.6% on a month-over-month basis. Initial Jobless Claims remained unchanged at 208,000, compared to analyst forecast of 212,000. The reports did not have a significant impact on market dynamics as traders were mostly focused on Fed policy outlook.

In case SP500 climbs above the 5070 level, it will head towards the nearest resistance at 5100 – 5110. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum.

NASDAQ

NASDAQ 020524 4h Chart

NASDAQ is moving higher amid rising demand for tech stocks. Mega cap stocks like NVIDIA and Amazon are among the biggest gainers in the NASDAQ index today. Moderna, which is up by 13.5%, gained strong upside momentum after the release of the quarterly report.

NASDAQ has recently managed to settle above the support at 17,450 – 17,500. If NASDAQ stays above the 17,500 level, it will move towards the nearest resistance, which is located in the 17,800 – 17,900 range.

Dow Jones

Dow Jones 020524 4h Chart

Dow Jones gains ground, supported by the strong rally in Boeing stock. The stock continues to move away from recent lows as traders bet that the company’s problems have been already priced in by the market.

Currently, Dow Jones is trying to settle above the 50 MA at 38,223. In case this attempt is successful, Dow Jones will move towards the significant resistance level, which is located in the 38,500 – 38,550 range. A move above 38,550 will push Dow Jones towards the next resistance at 39,000 – 39,100.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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