NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Gains Ground As Intel Soars 9.5%

SP500

SP500 tests new highs as traders stay bullish despite higher-than-expected Producer Prices report. PPI increased by 0.4% month-over-month in January, compared to analyst forecast of +0.3%. Core PPI grew by 0.3% on a month-over-month basis, in line with analyst expectations. Treasury yields moved lower, providing additional support to stocks. President Donald Trump ordered to consider reciprocal tariffs, but this measure will not take effect until April. Today’s rally is broad, and all market sectors are moving higher. The rally is led by basic materials and consumer cyclical stocks.

Currently, SP500 is trying to settle above the resistance at 6090 – 6100. In case this attempt is successful, SP500 will move towards January highs near the 6135 level. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

NASDAQ

NASDAQ gained ground as Intel stock rallied 9.5%. The stock gained strong upside momentum as traders remained focused on TSMC deal rumors. Tesla, which was up by 4.8%, was also among the biggest gainers in the NASDAQ index today. From a big picture point of view, demand for tech stocks stays strong, which is bullish for NASDAQ.

NASDAQ is trying to settle above the resistance at 21,900 – 21,950. In case this attempt is successful, NASDAQ will head toward towards the 22,130 level. A move above this level will provide NASDAQ with an opportunity to gain additional upside momentum.

Dow Jones

Dow Jones is moving higher amid broad rally in the equity markets. NVIDIA, which was up by 3.1%, was the biggest gainer in the Dow Jones index today.

Dow Jones climbed above the resistance at 44,400 – 44,500 and is trying to settle above the 44,700 level. In case this attempt is successful, Dow Jones will head towards the next resistance at 44,900 – 45,000.

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