NEW YORK — The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all posted gains last week, closing in positive territory. Yet price patterns point to potential weakness ahead. The Dow struggles for momentum after a recent bullish breakout. The S&P 500 drifts lower within its range. The Nasdaq looks weakest of the three.
A US Supreme Court decision to strike down President Donald Trump’s tariffs boosted equities on Friday, according to market watchers. Traders will watch if that lift holds through coming sessions.
For the Dow Jones at 49,625.97, support sits at 49,200-49,000. The index must hold there to target 50,700-50,800 short-term, analysts say. A drop below 49,000 opens the door to 48,000. Expect a broad 48,000-51,000 trading range overall. Breaking under 48,000 shifts the view bearish toward 45,000. A clear move over 51,000 clears a path to 55,000 or more.
Lack of conviction in the S&P 500 and Nasdaq tempers Dow enthusiasm. Analysts advise selling pressure over new buys right now.
The S&P 500, at 6,909.51, has traded between 6,700 and 7,000 since December. Charts reveal a gradual downturn. A close under 6,770 signals initial bearishness. Breaching 6,700 confirms reversal, risking 6,600-6,500 or worse.
To counter that, the S&P needs a push past 7,000 then 7,100. That would unlock 7,400-7,500 upside.
Nasdaq Composite ended at 22,886.07. Last week’s rebound offered brief relief. Resistance looms at 23,000-23,300. From current levels, a slide to 21,900 or 21,600 appears likely, charts suggest. A firm break over 23,300 dodges that and eyes 24,000.
True bullishness demands a decisive surge past 24,000 for a run to 26,000-plus. Downside to 21,600 feels closer for now.
The dollar index, at 97.79, lingers near 97 this month. It has bounced between 96.50 and 98.10. A breakout decides the direction. Upside over 98.10 targets 99.50. Downside under 96.50 pulls to 95.
US 10-year Treasury yield stands at 4.09 percent, steady above 4 percent. Supports cluster at 4-3.9 percent, capping any dip. Resistance hits at 4.13 percent. Clearing that sends it to 4.2-4.25 percent.
Longer term, holding over 3.9 percent keeps the bias up. That sets up a challenge to 4.3-4.35 percent, potentially lifting to 4.5-4.6 percent in months ahead.
Price action demands close attention across these markets. Equities face tests at key levels. The dollar and yields add context to the broader picture.
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