- Stock Markets stay flat ahead of the Key Fed event
- US Indexes remain at their highs despite the recent fear-factors influencing North American Markets
- Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500
Yesterday's session drove further bullish inflows into US indexes, fueled by dollar weakness and positioning ahead of the Magnificent 7 earnings.
The Nasdaq led the charge, while the S&P 500 officially hit 7,000 in today's session, completing the measured move highlighted in our Monday analysis.
Despite this momentum, the next 48 hours are critical. The closing levels today and tomorrow will determine if risk assets can sustain their current path.
President Trump is currently addressing the nation at the White House, though he has offered no major updates so far.
However, markets remain on alert for a nomination surprise of the next Fed Chair to replace Powell in May 2026.
Key Earnings Calendar today – January 28, 2026 – Courtesy of Business Insiders
Wall Street awaits today's commencement of Mag 7 earnings.
Get access to our recent Earnings Previews right here:
Current picture for the Stock Market (11:27 A.M. ET) – Source: TradingView – January 28, 2026
Today's picture is a typical pre-FOMC session – Nothing to see here.
Dive into our daily session charts and pre-FOMC trading levels for the major US Indexes: Dow Jones, Nasdaq, and S&P 500.
Dow Jones 2H Chart and FOMC levels
Dow Jones (CFD) 2H Chart – January 28, 2026 – Source: TradingView
With the price action evolving within a triangle consolidation, keep an eye on these two levels for today and tomorrow's session closes:
- Closing above 49,400 hints at new all-time highs and more bullish action ahead
- Closing below 48,900 maintains a more neutral-bearish outlook on the short-term.
Looking from higher timeframes however, stocks remain at their all-time highs and consolidating around the recent rangebound levels (48,300 to 49,700) could be indicative of further upside in 2026.
This would infer that upcoming risk events (Iran, new Fed Chair) don't materialize into something worse for Equities.
Dow Jones technical levels for trading:
Resistance Levels
- Triangle Upper bound 49,385
- Short Timeframe resistance 49,200 to 49,300
- ATH Resistance From 49,500 to 49,700
- All-time Highs 49,710
- 50,000 Potential Psychological Resistance
Support Levels
- Triangle lower bound 48,900
- Christmas ATH High Timeframe Momentum Pivot – 49,000 and Triangle lows
- Intraday support 48,600 to 48,700 (4H 200-period MA)
- Psychological Support and range lows at 48,000
- 45,000 psychological level (Main Support on higher timeframe)
Nasdaq 2H Chart and FOMC levels
Nasdaq (CFD) 2H Chart – January 28, 2026 – Source: TradingView
Like tge S&P 500, Nasdaq completed a gigantic measured move which stalled right before the All-Time highs.
The profit-taking which is occurring right ahead of the new record confirms the current hesitancy to run for new highs.
- Similarly as for the Dow Jones, closing above its morning highs (26,246) in today's and tomorrow's sessions will lead to new all-time highs.
- Failing to do so however points to a test of the lower bounds of its range (24,900)
Get access to our latest in-depth analysis of the Tech-Index right here!
Nasdaq technical levels of interest:
Resistance Levels
- Session Highs 25,817 (testing range highs)
- Intermediate Resistance 25,700 to 25,850
- Measured move target 26,050
- All-time high resistance zone 26,100 to 26,300
- Current ATH 26,182
Support Levels
- Momentum Pivot 25,200 to 25,500 +/- 75 pts
- session lows 25,503
- Wednesday lows 24,913
- 24,500 Main support
- Early 2025 ATH at 22,000 to 22,229 Support
S&P 500 2H Chart and FOMC levels
S&P 500 (CFD) 2H Chart – January 28, 2026 – Source: TradingView
Profit-taking selling is occurring exactly at the Measured Move target as the index CFD reached 7,020.
Overall, the picture still look broadly rangebound. Except if today really turns out to be bullish, the S&P 500 (and other Stock Benchmarks) could maintain a sideways trajectory.
S&P 500 technical levels of interest:
Resistance Levels
- Current ATH 7,020
- All-time High Resistance 7,000 to 7,020 (testing)
- Potential Breakout targets (Fibinacci-Extensions)
- 1.362 = 7,080
- 1.618 = 7,119
Support Levels
- Previous ATH Resistance now Pivot 6,945 to 6,975
- Pivot now Minor-Support 6,880 to 6,900
- Mini-Support 6,830 to 6,850 (Greenland lows)
- 6,800 Psychological Support
- 6,789 Greenland lows
- 6,400 Major psychological support
Safe Trades and a successful FOMC!
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