Tech bulls were looking for a dip to buy – Dow Jones, Nasdaq and S&P 500 Intraday Outlook

• US Stock Benchmarks completely erase their previous session’s drops as the situation did not yet worsen
• Traders are preparing for next week’s Trump visit in China which acts as a boon in the current picture
• Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500

US stock indexes have bounced back from yesterday’s losses, as tensions in the Middle East have not gotten any worse and WTI Crude retreating.

Rather than reacting to the ongoing stalemate, investors are now focused on next week’s presidential visit to China. President Trump also mentioned this event during his morning appearance.

The upcoming diplomatic summit is giving a boost to the current economic outlook, and Participants have been waiting for it for some time.

Markets are betting that the US will not start a major military operation before President Trump meets with Xi Jinping. This important summit between the leaders of the world’s biggest powers is giving markets a sense of temporary safety.

As a result, tech stocks are gaining even more momentum, and the upbeat mood is quickly returning to cryptocurrencies, with Bitcoin breaching $80,000 for the first time since January (up a sneaky 36% since its yearly trough).

Nasdaq is back on top of today’s session rally.

Yesterday’s drop in the market was steadily reversed as the session went on.

Based on recent flows, most investors are still much more optimistic than worried about the chances of the war restarting.

Add to it ever stronger PMIs, and the global outlook just isn’t looking terrible. Consumer sentiment is also rebounding.

Of course, breaking news can always move prices quickly, but right now, the main rule on Wall Street is that selling on fear just isn’t profitable.

Because of this, new bursts of buying have been very profitable for short-term traders – Add to it record earnings and projections, and the conditions for the rally have been under-appreciated.

Still, the long-term outlook for geopolitics and the economy is very uncertain; It could be wise to prepare for a potential buy-the-rumor sell-the-news on Trump’s visit in China, but let’s see how the situation moves until then.

It’s important to stay cautious, nimble and flexible to capture the ups and downs in the market right now.

Let’s dive into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500.

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Tech and producer manufacturing are doing the heavy lifting in today’s session, with the mood and recent earnings data continuously adding to the momentum.

It seems that the current phase focuses especially more on smaller Semiconductor firms, so keep an eye on if this trend persists.

The Dow Jones did not extend below 49,000 after yesterday’s scare, as sign of resilience in the Index which gets particularly enhanced by the rise in Manufacturing stocks.

Still, a key test of the 4H 50-period MA (49,269) is showing up:

• Breaking it to the upside should see continuation back towards 50,000, in the formation of a 49,000 to 50,000 range
• Rejecting it however would add the chances of a downward reversal ahead.
• For now, the action remains neutral in the DJIA

Dow Jones technical levels for trading:

Resistance Levels

• 4H 50-period MA (49,269)
• Weekend Gap Fill Resistance 49,500 – 49,600
• 49,900 to 50,000 Resistance and Early 2026 Highs
• ATH resistance 50,400 to 50,500
• All-Time Highs 50,544

Support Levels

• Major Pivot – 49,000 to 49,100 (short-term bearish below)
• Momentum Support 48,500
• Pivotal Support at 48,000 (mid-term bearish below)
• Mini Support 47,400 to 47,600

Nasdaq is seemingly resistant to the laws of gravity that have been seen in Stock Markets throughout the years, breaking all-time highs despite recent geopolitical fears.

Currently breaking 28,000, the next stop for the index will be around 28,400 as only the bottom of the Peace bull channel can act against the rally.

Nasdaq technical levels of interest:

Resistance Levels

• 28,000 Major psychological resistance
• Potential resistance 28,400 (Peace channel lower bound)

Support Levels

• 27,500 micro-resistance now pivot
• Momentum Pivot at 27,000 (4H 50-period MA)
• Mini-support 26,600 to 26,750
• Prior ATH Support 26,200 to 26,300
• War Support 25,000 to 25,250
• Early 2025 ATH at 22,000 to 22,229 Support

The S&P 500 is attempting to test its record highs again in today’s action, rebounding shy of the 4H 50-MA during yesterday’s pullback and now looking to test the higher bound of the Channel (~7,300).

Watch closely to see if bulls manage to push the momentum to break last week’s ATH during the coming sessions.

S&P 500 technical levels of interest:

Resistance Levels

• All-time highs 7,280
• Mini-channel highs 7,300

Support Levels

• Channel lows 7,180 (4H 50-period MA)
• 7,100 psychological level
• Prior ATH Pivot 7,000 to 7,020
• Minor Support 6,880 to 6,900
• Pivotal Support 6,750 to 6,770
• 6,300 psychological level (War lows)

Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the curve, with the tone increasingly worsening.

Safe Trades and May the 4th be with you!

Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier

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