The US stock open was another one to the downside this morning, with all major indices initially following a break-retest pattern off the late rally seen into yesterday’s close.
Current session lows show the Nasdaq (CFD) at 23,091, the S&P 500 (CFD) at 6,360, and today’s focus, the Dow Jones (CFD), at 44,573.
However, the 9:45 ISM Manufacturing PMI surprised firmly to the upside, printing 53.3 against expectations of 49.5, suggesting a more resilient industrial backdrop.
In addition, Existing Home Sales came in at 4.01M versus the 3.92M expected, adding another layer of support to the broader economic outlook for the session.
With this context in mind, let’s now turn to some intraday chart analysis and levels for all Major US indices, starting with the Dow Jones, then the S&P 500 before finishing with the Nasdaq.
Dow Jones intraday chart and levels
Dow Jones 2H Chart, August 21, 2025 – Source: TradingView
The morning session was a bit rough for the Dow, taking the Industrial index to a retest of the 44,500 Pivot Zone before the upbeat ISM data took the index back higher.
With the morning rebound happening on the short-trend upward channel's lower bound, further upside could be expected.
Bulls will however have to break above the 50-period Moving average acting as immediate resistance.
RSI momentum is closer to neutral – Let's see how the Jackson Hole Conference (and Powell's speech at 10:00 A.M. tomorrow) will influence sentiment.
Levels of interest for Dow Jones Trading:
Resistance Levels
- session highs 44,887 (2H MA 50 in confluence)
- All-time high resistance zone 45,000
- Current All-time Highs 45,283
Support Levels
- current session lows 44,570 (confluence with lower bound of channel)
- 44,400 to 44,500 Pivot and 2H MA 200
- 44,000 Main Support Zone
S&P 500 intraday chart and levels
S&P 500 2H Chart, August 21, 2025 – Source: TradingView
The S&P 500 intraday chart looks more bearish than the Dow, with prices having already broken out of the May upward Channel, a downward trendline acting as resistance and RSI holding lower.
Immediate momentum seems to be on hold however.
Levels of interest for S&P 500 Trading:
Resistance Levels
- session highs 6,390 (2H MA 200 in confluence)
- End-July Top now Pivot 6,420 to 6,430
- All-time high resistance zone 6,450 to 6,490
- Current All-time Highs 6,489
Support Levels
- Main support 6,340 +/- 5pts
- Short-term Key Support just below 6,300
- NFP Lows 6,216
Nasdaq 2H intraday chart and levels
Nasdaq 2H Chart, August 21, 2025 – Source: TradingView
Nasdaq trades a bit more erratically than its brothers, but one thing is sure:
Bears have managed to break out of the May upward channel and bulls will have to fight to avoid this being a longer-run trend.
The latest break-retest in yesterday's session shows a more bleak outlook for the tech-focused index, but everything will confirm with Powell's speech tomorrow and future data in the waiting of the September Meeting.
Levels to watch for the Nasdaq:
Resistance Levels
- Current All-time Highs 23,986
- 23,500 Support turned resistance
- Broken upward Channel lows 23,350
Support Levels
- 23,000 Key momentum Pivot
- 22,700 support at NFP lows
- Early 2025 ATH at 22,229
Safe Trades!
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