The Dow Jones Industrial Average, S&P 500 and the NASDAQ Composite index rose sharply for the second consecutive week. The Dow Jones and S&P 500 was up 3 per cent and 3.56 per cent respectively. The NASDAQ Composite index was up 4.68 per cent.

The rise last week has taken the benchmark indices well above their key resistances. This has reduced the danger of the fall that we have been expecting earlier. Will the momentum sustain and negate the danger of a fall completely? Here is our analysis:

Dow Jones (47,916.57)

Immediate resistance is around 48,300. The index has to breach this hurdle to extend the upmove. If it does, then 48,900 can be seen first and will also keep the doors open to revisit 50,000 levels.

On the other hand, if the Dow turns down from around 48,300, a fall back to 47,200-47,000 is a possibility this week.

The level of 46,500 will be a crucial support to watch. The index will come under danger for a fall to 45,000 again if it declines below this support.

S&P 500 (6,816.89)

The rise above 6,750 is a positive. Immediate support is at 6,800. Below that, 6,750-6,700 is the next key support zone. A rise to 6,900-6,930 is possible in the near term. The price action thereafter will need a watch.

A strong break above 6,930 can take the S&P 500 index further up to 7,000. On the other hand, a downward reversal from around 6,930 can drag it down to 6,800-6,750.

NASDAQ Composite (22,902.89)

The strong rise and close above 22,500 last week have eased the downside pressure. This has reduced the danger of the fall to 20,500 mentioned last week. The region between 22,500 and 22,400 will now be a very good support which can limit any intermediate dips.

As long as the index stays above 22,400, the bias will remain bullish. As such, the NASDAQ Composite index has potential to see a rally towards 24,000 in the coming weeks.

This bullish view will get negated only if the index breaks below 22,400. In that case, the index can fall back to 22,000-21,500 again.

Dollar outlook

The dollar index (98.70) has come down sharply last week. The close below 99 leaves our bullish view under threat.

A crucial support for this week will be at 98.60. The dollar index has to sustain above this support and rise past 99 again. If that happens, the index can get a breather and go up again to 100-100.50.

But if the index breaks below 98.60, it can come under more selling pressure. In that case, a fall to 97.50 is possible.

So, the price action around 98.60 will need a very close watch this week.

Treasury Yield

The support at 4.25 per cent mentioned last week is holding very well. The US 10Yr Treasury Yield (4.32 per cent) touched a low of 4.23 per cent and then has risen back very well from there.

A strong follow-through rise above 4.35 per cent from here can boost the momentum. Such a rise can take the yield higher to 4.45-4.5 per cent. It will also keep our broader bullish view intact to see 4.6 per cent on the upside.

Failure to rise above 4.35 per cent can keep the yield under pressure. It will then have the likely chance to break below 4.25 per cent and fall to 4.2-4.15 per cent.

Published on April 11, 2026