Markets are sending mixed feelings on the peace Deal – Dow Jones, Nasdaq and S&P 500 Intraday Levels

• Markets bounced at the open but are now showing more mixed signs as a few contention points emerge
• After flashing to new all-time highs, a pullback is currently ongoing particularly in the DJIA
• Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500

US stock markets jumped sharply at the opening bell, but now the signals are mixed as new diplomatic issues come to light.

The early surge in equity futures came from a more optimistic geopolitical outlook, mainly after President Trump's weekend announcement predicting the full reopening of the Strait of Hormuz in the next 30 days.

But as traders come back from their Memorial Day break and more money enters the market, it is clear that reaching a formal peace is more complicated than the headlines first made it seem.

Crude Oil fell 7% during yesterday's quiet holiday session, but energy prices are rebounding strongly today.

Ongoing issues, especially about frozen Iranian funds and where enriched nuclear material will go, are pushing WTI crude higher.

This sharp rise in energy costs is adding back to prior worries on the feasibility of a proper peace deal and causing trouble in the wider financial markets.

As a result, after briefly reaching new all-time highs before the market opened, the main US indices are now pulling back from their morning highs, particularly the Dow.

Now, let’s take a look at the intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500.

Now, let’s take a look at the intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500.

Discover:

• The Dollar contradicts the peace trade – EUR/USD, GBP/USD & Dollar Index (DXY) overview
• Chart alert: AUD/NZD rally set to continue after hitting 13-year high
• Asia open: Trump-Iran peace optimism sparks equity rally as sticky U.S. inflation risks loom large

Watch out to see if the 50,400 to 50,500 support holds or breaks – The action becomes short-term bearish below the area.

Dow Jones technical levels for trading:

Resistance Levels

• Intraday Pivot 50,800 to 50,900
• Memorial Day resistance 51,100 to 51,200

Support Levels

• February ATH Pivot 50,400 to 50,500 (Short-term Bearish below)
• Pivotal Support – 49,000 to 49,100 (mid-term bearish below)
• Momentum Support 48,500
• Pivotal Support at 48,000
• Mini Support 47,400 to 47,600

Nasdaq wicked to the 30,000 milestone (30,057 on the CFD) but is now slightly retracting, showing a hesitation hammer.

Look for breakouts on its upper and lower bounds – 29,730.

Nasdaq technical levels of interest:

Resistance Levels

• 29,850 - 30,000 Memorial Day ATH Resistance
• Current ATH 30,057 on the CFD

Support Levels

• 29,500 - 29,600 Pivot
• 29,100 - 29,250 momentum support (short-term bearish below)
• 28,000 minor support
• Prior ATH Support 26,200 to 26,300

The S&P 500 is somewhat retracting off of its new record highs established during the morning session.

The Momentum is turning more bearish as we speak a bulls will have to step up at the current level to avoid a larger pullback to the 4H 50-period MA (7,448).

S&P 500 technical levels of interest:

Resistance Levels

• 7,550 Memorial Day ATH Resistance
• 7,525 Past week's ATH Resistance now pivot
• Current ATH 7,557

Support Levels

• 7,450 - 7,460 Minor Support (Short-term bearish below – 4H 50-period MA (7,448)
• 7,400 Key support
• 7,320 to 7,340 Past week retracement
• Pivotal Support 7,250 to 7,260
• Prior ATH Pivot 7,000 to 7,020
• Minor Support 6,880 to 6,900

Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.

Safe Trades!

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