Even though the spot market is closed for Memorial Day and other global holidays, US stock futures are surging today as investors react to news of a possible peace agreement.
The diplomatic stalemate is ending, with reports confirming that Iran’s top negotiator and foreign minister are in Doha to work on a deal to end the conflict.
Iran is reportedly willing to send its highly enriched uranium to China, which is seen as a major breakthrough and is boosting risk assets.
This optimism is driving equity futures to new highs – Dow Jones futures have reached a record 51,000, while Nasdaq futures are approaching the 30,000 level. The S&P 500 is also extending its gains above 7,500.
As the shortened holiday futures session nears its end, momentum is slowing and traders are taking profits and waiting for regular trading hours to resume.
The coming week is expected to be important for market direction, to see if diplomatic progress continues, and if further gains are possible.
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.
Dow Jones technical levels for trading:
Resistance Levels
- Daily resistance 51,100 to 51,200
- daily highs 51,150
- Next stop 51,500
Support Levels
- Intraday Pivot 50,800 to 50,900
- Prior ATH resistance 50,400 to 50,500 (now pivot)
- Pivotal Support – 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 technical levels of interest:
Resistance Levels
- 29,850 – 30,000 New ATH Resistance
- Daily highs 29,932
Support Levels
- 29,500 – 29,600 Pivot
- 29,100 – 29,250 momentum pivot
- 28,500 Minor support
- 28,000 Major psychological resistance now Pivot (and channel highs)
S&P 500 technical levels of interest:
Resistance Levels
- 7,550 Daily ATH Resistance
- Current ATH 7,557
- Next stop 7,600
Support Levels
- 7,525 Past week’s ATH Resistance now pivot
- 7,450 – 7,460 Minor Support
- 7,400 Key support (Short-term bearish below)
- 7,320 to 7,340 Past week retracement
- Pivotal Support 7,250 to 7,260
Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.
Safe Trades!
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