The Tech honeymoon is over ... right before earnings? – Dow Jones and US Stock Market Intraday Outlook

• Nasdaq leads US Benchmarks to the downside and traders are now unrolling risk heavily ahead of the key earnings
• The honeymoon price action for Stocks is now facing a few tests, including still unclear geopolitics
• Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500

The honeymoon phase for US Equities is officially facing its first major stress test in weeks.

The Nasdaq is currently leading US Stock benchmarks to the downside, as traders scramble to unroll risk ahead of the most critical corporate Mega Cap earnings stretch of the year.

Compounding the anxiety from the releases is a still quite unstable and uncertain geopolitical landscape.

While recent reports suggest that Iran is expected to submit a revised peace proposal soon—desperate to escape the economic chokehold of the US naval blockade—the timeline for an actual resolution remains cloudy.

This morning, President Trump posted in a Truth Social bomb that Tehran is actively demanding the reopening of the Strait of Hormuz, yet until a concrete deal is signed, the global logistical nightmare persists.

Adding to the supply drought, WTI Crude Oil has surged right back around and above the $100 mark with the UAE officially exiting from OPEC.

This resurgence in Energy commodities is hurting broader stock market sentiment and adding pressure to the recent bullish momentum – Check out our recent WTI piece to learn more on these issues!

Prediction-Market Odds for a proper peace deal have slowly crumbled, going up above 70% but are now back below 35% – So remaining hopeful in such an environment could be quite risky.

On the corporate front, the underlying US economy continues to show immense resilience, highlighted by a strong earnings beat from Coca-Cola this morning and keeping the DJIA afloat. Today's after-the-bell lineup, featuring Visa and T-Mobile, will keep traders busy, but it is merely an appetizer.

However, the quintessential challenge for Wall Street arises tomorrow when four of the Magnificent 7 heavyweights—Amazon, Meta, Google, and Microsoft—release their Q1 earnings.

With tech valuations stretched to the absolute limit in a flash melt-up since the Ceasefire announcement and the macroeconomic backdrop clouded by triple-digit oil, these titans must deliver flawless guidance to prevent a vicious, broader market correction.

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

Discover:

• UAE quits OPEC! Crude Oil explodes to $100 – WTI Technical analysis
• Amazon (AMZN) Technical: Uptrend and outperformance factor intact above 231.00 key support
• Gold (XAU/USD) Selloff Deepens: Technical breakdown and rising Oil prices accelerates bearish momentum

Except for Nvidia and Microsoft still extending their remarkable rebounds (having underperformed throughout early 2026 trading), the entire Market is suffering from the latest fundamental flows – Only Energy and Financials maintain a balanced price action.

The Dow is still holding its super-strong 500 point range between 49,000 and 49,500 – Keep these levels in check for the breakout trading.

Normally, consolidating near all-time highs is a positive sign as overbought conditions ease and the Market rebalances while not showing any sign of weakness, so this would add to higher odds of a bullish breakout.

Nonetheless, the current fundamentals are very fragile and any bad news in the Middle East could see a flash drop lower – Worsening sentiment hasn't hurt the price action yet.

Dow Jones technical levels for trading:

Resistance Levels

• Weekend Gap Fill Resistance 49,500 - 49,600
• 49,900 to 50,000 Resistance and Early 2026 Highs
• All-Time Highs 50,544

Support Levels

• 4H 50-period MA (49,050)
• Major Pivot – 49,000 to 49,100 (Range lows)
• Momentum Support 48,500
• Pivotal Support at 48,000 (Mid-term Bearish below)
• Mini Support 47,400 to 47,600

I hope that some of you captured the bearish break forecasted in our past session's Stock Market analysis!

The price action is now stabilizing with the Nasdaq down 1.70% from its record highs and crossing below 27,000.

The short-term price action is close to oversold, implying a slowdown of the selling, but any pullback ahead of tomorrow's close could be sold.

Make sure to hedge your risk or reduce it before the after-market Mag 7 earnings!

Nasdaq technical levels of interest:

Resistance Levels

• Momentum Pivot at 27,000
• Record highs 27,420
• 27,500 micro-resistance
• 28,000 Major psychological resistance (and channel highs)

Support Levels

• Mini-support 26,600 to 26,750
• Prior ATH Support 26,200 to 26,300
• War Support 25,000 to 25,250
• Early 2025 ATH at 22,000 to 22,229 Support

The S&P 500 is also breaking its low-slope bull channel in today's anxiety pullback.

Conditions are quite similar to the Nasdaq, but the Spoose maintains a somewhat more resilient price-action.

Keep track of the movement around the 7,100 psychological level.

S&P 500 technical levels of interest:

Resistance Levels

• Mini-resistance 7,150 -7,160 (rejecting)
• New all-time resistance 7,180 - 7,200
• Next key potential resistance 7,200
• Mini-channel highs 7,2560

Support Levels

• Week-end gap 7,100 Pivot
• Prior ATH Pivotal support 7,020 to 7,050
• 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 investors still confused about US-Iran negotiations.

Safe Trades!

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