SPX

NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Moves Higher As Tesla Gains 5.7%

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SP500

SP500 210524 4h Chart

SP500 gains ground as traders focus on comments from Fed officials. Today, Fed Governor Christopher Waller said that he wanted to see several more months of good inflation data to support a rate cut. Other Fed members delivered similar messages. Treasury yields moved lower as bond traders continued to prepare for the beginning of the rate cut cycle. Interestingly, utilities and consumer defensive stocks were among the biggest gainers in the index today. Traders decided to shift some funds to defensive sectors near historic highs.

SP500 remains stuck below the resistance at 5320 – 5330. In case SP500 manages to settle above the 5330 level, it will gain additional upside momentum and test new highs.

NASDAQ

NASDAQ 210524 4h Chart

NASDAQ is moving higher as demand for tech stocks remains strong. Tesla, which is up by 5.7%, is the biggest gainer in the NASDAQ index today. The stock gained upside momentum after the company revealed new details about Tesla Semi.

Currently, NASDAQ is trying to settle above the resistance at 18,600 – 18,700. In case this attempt is successful, NASDAQ will move towards the 19,000 level. On the support side, a move below 18,600 will open the way to the test of the support at 18,300 – 18,400.

Dow Jones

Dow Jones 210524 4h Chart

Dow Jones has also managed to gain some ground in today’s trading session. IBM gained 1.9% after the company announced that it would release a family of AI models as open-source software. IBM has also noted that it would help Saudi Arabia to train an AI system in the Arabic language.

From the technical point of view, Dow Jones is moving towards the resistance at 39,900 – 40,000. RSI is in the moderate territory, so there is plenty of room to gain additional upside momentum. A move above 40,000 will push Dow Jones towards the 41,000 level.

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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