Have Stock Markets met their top? – Pre-FOMC Dow Jones, Nasdaq and S&P 500 Levels

• US Stock Benchmarks exploded to new record highs just this morning, but the action has found a brutal stop
• Optimism regarding the peace process could have found its peak, with traders getting ready for tomorrow's Non-Farm Payrolls report
• Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500

US stock benchmarks exploded to fresh record highs just this morning, but the historic price action has hit a brick wall.

In a frantic early-session rally, the S&P 500 reached the borderline insane 7,400 mark, the Nasdaq stalled right ahead of the 29,000 milestone, and the Dow Jones just grazed the psychological 50,000 level before failing to withstand the momentum.

Approaching these monumental technical milestones, the market clearly got ahead of itself, triggering a sharp and immediate intraday reversal.

The overarching optimism regarding the US-Iran peace process appears to have found its peak and this isn't just due to randomness.

Traders are aggressively backing off from extreme bullishness as they prepare for tomorrow's highly anticipated Non-Farm Payrolls report.

Compounding this macroeconomic hesitation are creeping doubts regarding Operation Freedom and its ultimate objectives to secure free passage through the Strait of Hormuz.

Uncertainty is back to cast a dark shadow over quite-ecstatic equities; with recent reports indicating that Kuwait and Saudi Arabia are officially lifting restrictions on the use of US military bases, the market is sensing a turn in the narrative, fearing potential military preparations rather than purely diplomatic solutions.

Crude Oil prices are rallying quite aggressively from here, proof that anxiety is making a swift return to haunt trader sentiment.

A post-NFP response will be key to watch for traders and investors, but in the meantime, the recent euphoria from the peace process is rapidly turning into a painful hangover.

As we navigate this sudden risk-off shift, let's get ready for tomorrow's NFP data.

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

Discover:

• Crude Oil on path to $90 as the peace trade continues – WTI Technical analysis
• Chart alert: Gold (XAU/USD) rally faces roadblock at 20-day and 50-day moving averages
• Copper attempts to break its mid-April $6.10 spike – On the way to new ATH? XCU/USD Outlook

The Market has officially been split, with close to 80% of Stocks trading lower but the heavy weights still doing the heavy lifting.

Only Nvidia, Microsoft and the Technology Services sub-sector are fighting the wave of profit-taking gripping Equities in today's action.

The Dow Jones took a sudden turn to the downside, remaining the only Index which failed to breach its early 2026 and actually formed a double top in that process.

Often late to the party, the Index does provide a more "realistic" view of current clouds seen in the Macro environment – For example, this was seen after September 2025, where the Index only reached new records as clouds regarding the US Economy dissipated.

Turning back to today, as long as the action remains above 49,000, a more rangebound picture is drawing.

However, breaking the support opens the way for large downside, with Key supports only found at psychological milestones.

Dow Jones technical levels for trading:

Resistance Levels

• 50,165 morning highs
• 49,900 to 50,000 Resistance and Early 2026 Highs
• ATH resistance 50,400 to 50,500
• All-Time Highs 50,544

Support Levels

• April 14 Gap Fill Pivot 49,500
• 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 exploded to new record highs with no one to stop it on its rampage, until the Index stopped itself.

Stalling at a key 161.8% fibonacci target (28,850 to 29,000) led to a significant 400-point rejection, the first one since April 29.

The action for the index for now stays extremely bullish, but breaking the trendline (28,360) could see a larger corrective phase (27,000 seems like a decent target for now – expect a much larger correction below).

Nasdaq technical levels of interest:

Resistance Levels

• 28,500 psychological resistance
• 28,850 - 29,000 Current ATH Resistance

Support Levels

• 28,000 Major psychological resistance now Pivot (and channel highs)
• 27,500 micro-support
• Momentum Pivot at 27,000 (4H 50-period MA)
• Mini-support 26,600 to 26,750
• Prior ATH Support 26,200 to 26,300

The S&P 500 has also met its key fibonacci extensions right below 7,400, and losing its extremely bullish momentum aggressively since.

Closing the session below 7,350 opens the door to 7,300, a level that should see equilibrium until the 8:30 A.M. NFP release.

A break below 7,230 opens the door for larger downside.

S&P 500 technical levels of interest:

Resistance Levels

• 7,350 Minor Resistance
• 7,390 - 7,400 Channel extension resistance (morning highs)

Support Levels

• Momentum Pivot 7,250 to 7,260
• Channel lows 7,230 (bearish below)
• 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