US Indices Face Resistance
US indices (Nasdaq, Dow, S&P 500) are grinding higher but facing resistance [https://x.com/i/status/2031395504337334439], with AI/semiconductors holding up the Nasdaq.
The S&P 500 is showing bearish signals after facing rejection, with the RSI indicating a potential continuation to the downside if it breaks 6,730. Resistance levels for the S&P 500 are identified at 6,770 to 6,800, 6,820 to 6,840, and a key resistance zone between 6,880 to 6,900. The Nasdaq is also facing resistance around the 25,000 level, accompanied by bearish signs. Key resistance for the Nasdaq lies between 25,000 and 25,200, with pivotal resistance at 25,700 to 25,850. A break below its 50-hour MA (24,930) could lead to a test of the 24,500 support area. The Dow Jones is struggling after rejecting the upper bound of its descending channel. Resistance levels for the Dow are around 47,500 to 47,650, with pivotal resistance at 48,000 and a key level to break at 48,400 for a continued rebound. Failure to rebound from the 47,000 - 47,200 support zone could lead to more bearish price action.
