The Dow Jones Industrial Average has risen back sharply towards the end of the week recovering all the loss. The S&P 500 and the NASDAQ Composite indices on the other hand extended their up-move for the fifth consecutive week. The overall uptrend continues to remain intact for the US benchmark indices. We can see them rising further in the coming weeks.

Dow Jones (49,499.27)

Supports are at 48,950 and then at 48,400. Resistance is around 50,000. For now, 48,950-50,000 (narrow) or 48,400-50,000 (broad) can be the trading range for some time.

The bias is positive. As such we can expect the Dow Jones to make a bullish breakout above 50,000 eventually. Such a break can trigger a rise to 51,000-52,000.

The bullish view will get negated only if the index declines below 48,400. If that happens, then there is a danger of seeing 46,000-45,000 on the downside.

S&P 500 (7,230.12)

As expected, the S&P 500 index has risen above 7,200. That keeps intact our broader bullish view.

Immediate support is at 7,180. Below that 7,100 is the next strong support. As long as the index sustains above 7,100, there is potential for it to target 7,600 on the upside.

The index will come under pressure for a fall to 7,000 only if it breaks below 7,100. Ideally, the S&P 500 index has to decline below 7,000 to indicate a bearish trend reversal.

NASDAQ Composite (25,114.44)

The index continued to get a good follow-through rise for the second consecutive week. This keeps the door open for the NASDAQ Composite index to see a rally towards 26,300-26,500 in the coming weeks. The upside can extend even up to 27,500.

Immediate support is at 24,600. Below that, 24,000-23,900 is the next strong support. A corrective fall to 24,000 is a possibility if the index breaks below 24,600. However, a fall beyond 23,900 is unlikely as fresh buyers can come into the market and limit the downside.

Dollar outlook

The dollar index (98.21) has come down sharply after touching a high of 99.34. The immediate outlook is unclear. Support is around 97.60 and resistance is at 99.50. So, 97.60-99.50 can be the possible trading range for now. A breakout on either side of 97.60 or 99.50 will determine the next leg of move.

A break below 97.60 will be bearish to see 96.70 on the downside first. It will also keep the dollar index vulnerable for a fall to 95.50 and even 95 in the coming weeks.

On the other hand, if the index breaks above 99.50, it can get some relief. Such a break can then take it higher to 100.50-101.

Treasury Yield

The US 10Yr Treasury Yield rose to a high of 4.43 per cent and has come down from there. It has closed the week at 4.37 per cent.

The bias remains positive. Support is at 4.3 per cent which can be tested this week. A bounce from this support can trigger a fresh rise to 4.5-4.6 per cent in the coming weeks.

In case the yield breaks below 4.3 per cent, then an extended fall to 4.25 per cent can be seen first. Thereafter the yield can reverse higher again.

Published on May 2, 2026