The Dow Jones Industrial Average snapped its three-week rally. The index was down 0.44 per cent. The S&P 500 and the NASDAQ Composite index were up for the fourth consecutive week. The S&P 500 was up marginally by 0.55 per cent. The NASDAQ Composite index on the other hand retained its strength and rose 1.5 per cent last week.

Broadly, the picture continues to remain positive for the US benchmark indices. They can rise more in the coming weeks.

Dow Jones (49,230.71)

The price action on the daily chart indicates lack of strong sellers in the market. That keeps intact the broader bullish bias. Immediate support is in the 48,950-48,900 region. Below that, 48,400-48,300 is the next important support which can be tested if the Dow declines below 48,900. However, a fall beyond 48,300 is unlikely.

A bounce either from 48,900 itself or from around 48,300 can take the Dow up to 49,900-50,000 again. An eventual break above 50,000 can then clear the way for a further rise to 51,000-52,000.

The outlook will turn negative only if the Dow breaks below 48,300. If that happens, a fall to 46,000-45,000 can be seen.

S&P 500 (7,165.08)

The index is getting good buyers below 7,100. That leaves the chances high for the index to breach 7,200. Such a break can boost the momentum and take the S&P 500 up to 7,600 in the coming weeks.

To negate this rise, the index has to sustain below 7,200 and break below 7,100 decisively. Only then a fall to 7,000 and lower levels will come into the picture.

NASDAQ Composite (24,836.60)

The index has sustained well above the 24,000-23,950 levels and saw a very good follow-through rise last week. This strengthens the bullish case. NASDAQ Composite index can rally to 26,300-26,500 in the coming weeks.

To negate this bullish view, the index has to decline below 24,000. Only then a fall to 23,000-22,500 will come into the picture. But such a fall looks unlikely, as seen from the chart. Also, a strong negative trigger might be needed now to drag the index below 24,000.

Dollar outlook

The dollar index (98.50) managed to bounce back after witnessing a sharp fall for two weeks. Immediate support will be at 98.30. Below that, 98 and 97.70 are the next strong supports.

Resistance is in the 99-99.20 region. A strong break above 99.20 is needed to go up to 99.50. This level of 99.50 is an important resistance. The dollar index has to breach this hurdle to gain strength. That will then open the doors for a rise to 100.50-101 eventually.

For now, the immediate picture is slightly unclear. We can expect a broad range of 97.70-99.50 for some time. The bias is however positive to see a bullish breakout above 99.50 eventually.

Treasury Yield

The US 10Yr Treasury Yield (4.31 per cent) managed to sustain above 4.25 per cent and has risen last week. This has reduced the chances of the fall to 4.15-4.1 per cent mentioned last week. Immediate support is at 4.28 per cent, and then, 4.25 per cent will continue to act as a strong support.

The bias is positive to break the resistance at 4.35 per cent and rise to 4.5-4.6 per cent in the coming weeks.

The US 10Yr Yield has to break 4.25 per cent to come under pressure for a fall to 4.15 per cent.

Fed watch

The US Federal Reserve meeting outcome is due on Wednesday. The interest rate is likely to be kept unchanged at 3.5-3.75 per cent. As such this can largely be a non-event for the market. However, it will be important to see the central bank’s comments on the impact of the on-going US-Iran war.

Published on April 25, 2026