NASDAQ Index, SP500, Dow Jones Forecasts – NASDAQ Rallies As Traders Buy Software Stocks

Dow Jones gained some ground amid broad rally in the equity markets. Dow Jones failed to gain significant upside momentum as demand for defensive sectors declined.

Walmart and Procter & Gamble were among the biggest losers in the Dow Jones index today. Rising Treasury yields put pressure on dividend stocks.

Amazon and NVIDIA  gained ground amid rising demand for AI-related stocks, providing support to the Dow Jones index.

From the technical point of view, Dow Jones moved above the resistance level at 49,500 – 49,600 and is trying to climb above the 50 MA at 49,839. In case Dow Jones manages to settle above the 50 MA, it will head towards the next resistance level, which is located in the 50,100 – 50,200 range.

On the support side, a move below the 49,500 level will push Dow Jones towards recent lows near the 49,200 level. A move below 49,200 will open the way to the test of the support level at 48,700 – 48,800.

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