Traders are slowly getting back to their posts after a well-deserved Holiday break.
Following a very positive futures trading session, the official Market open was marked by some repositioning flows from outperforming tech to defensive sectors.
Current picture for the Stock Market (12:50 P.M. ET) – Source: TradingView – January 2, 2025
A sign for the trading to come in 2026? Tough to say for now.
Elevated valuations in the tech sector have been a recurring theme since mid-October.
With rate cuts improving the financial positions of high-debt traditional industries, a particular attraction to Industrial and Energy stocks helps the Dow dominate the session.
Not much is on the economic or geopolitic schedule, so let's dive into our daily intra-session charts for the major US Indexes: Dow Jones, Nasdaq, and S&P 500.
Dow Jones 4H Chart – Watch the double top
Dow Jones (CFD) 4H Chart – January 2, 2025 – Source: TradingView
Dow Jones technical levels for trading:
Resistance Levels
- All-time High resistance between 48,700 to 48,886
- Session highs 48,444
- November ATH 48,300 to 48,500, acting as resistance (testing)
- 50,000 Psychological Level and Potential Fib Target (50,159)
Support Levels
- Psychological Pivot at 48,000
- Pre-NFP 47,500 to 47,650 (recent lows)
- Key Support 47,000 (+/- 150) and MA 200
- August highs and November Lows 45,715
- 45,000 psychological level (next support and main for higher timeframe)
Nasdaq 4H Chart – Struggling to regain its ATH
Nasdaq (CFD) 4H Chart – January 2, 2025 – Source: TradingView
Nasdaq technical levels of interest:
Resistance Levels
- 25,227 daily highs to break for a bull breakout
- Mini-Resistance 25,500 +/- 75 pts
- intermediate resistance 25,700 to 25,850 (recent highs)
- All-time high resistance zone 26,100 to 26,300
- Current ATH 26,283 (CFD)
Support Levels
- 25,050 Channel retest and 2H 50 MA
- 24,500 Main support
- October and November lows just below 24,000
- Early 2025 ATH at 22,000 to 22,229 Support
S&P 500 4H Chart –
S&P 500 (CFD) 4H Chart – January 2, 2025 – Source: TradingView
S&P 500 technical levels of interest:
Resistance Levels
- Range High Resistance 6,880 to 6,900
- 6,930 (current All Time-Highs)
- Weekly highs 6,896
- Mid Range 6,850
- ATH Resistance 6,900 to 6,930
Support Levels
- 6,800 Psychological Pivot and Range lows
- Mini-Support 6,720 to 6,750 (current test)
- Session lows 6,750
- Support 6,720 to 6,750 and 8H MA 50
- 6,490 to 6,512 Previous ATH October lows (recent lows)
- 6,400 psychological support
Safe Trades and a Successful 2026!
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