US Equities have endured another rough week, defying the logic of strong earnings reports from heavyweights like Walmart and Nvidia, both of which provided optimistic forward communications.
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Global Index performance this week (US, Canada and Europe) – Source: TradingView
The market is currently wrestling with a toxic mix of headwinds hurting sentiment:
Growing fears that AI investment has peaked coinciding with signs that the labor market may also be topping out.
Furthermore, tariffs—now in place for almost six months—are visibly biting the American consumer, fueling concerns that interest rates could be held higher for longer as the Fed battles the inflationary prospects of trade barriers.
His comments single-handedly resurrected the probability of a cut, swinging market pricing from a bleak 20% chance yesterday morning back up to above 70%.
This massive repricing only magnifies how quintessential incoming data will be as the Fed’s double mandate slowly shifts its focus back towards inflation.
After a 2% drop throughout all major US Indices yesterday, some small dip-buying is occurring, but it remains inconsequential due to the prevailing high fear levels.
As time develops, some selling flows are picking up, making the whole picture even more blurry.
The weekly close will be critical for next week's action: we are trading right around the October lows.
Any breach lower could drag further selling and confirm a breakdown, while a rebound from here points more to rangebound action as more data unfolds.
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US Equity Heatmap (10:28 A.M.) – The picture is broadly green– November 21, 2025 – Source: TradingView
You can see how tricky Markets are. Nvidia is actually down for the second consecutive session after posting record earnings!
Let's dive right into the intraday outlook for all three US Major indices: Dow Jones, Nasdaq, and S&P 500.
US Main Indices Daily Outlook – Rough corrections. November 21, 2025 – Source: TradingView
Dow Jones 8H Chart and Technical Levels
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Dow Jones (CFD) 8H Chart, November 21, 2025 – Source: TradingView
The Dow Jones oscillates around the 46,000, slightly more resilient than its tech-heavier peers.
The better prospects from the Walmart Earnings has helped to maintain some life in the DJIA which represents US Manufacturing and defensive sectors with more emphasis.
It's resisting better to the selling flows but would also need better sentiment to get back on track: Its 8H RSI is struggling to bounce higher.
Still, the price action stands at a key psychological level.
Closing above the 46,000 level should bring some dip-buying into next week.
However, below this, further correction should be expected.
Dow Jones technical levels of interest:
Resistance Levels
Current All-time high 48,459
Resistance zone 47,500 - 47,650
Pivot now resistance 47,000 to 47,200
46,400 to 46,400 Momentum Pivot and 4H 50-period MA (46,375)
Psychological resistance at 48,000
Support Levels
46,000 +/- 300pts Immediate Support
August highs and Yesterday's Lows 45,715
45,000 psychological level (next support and main for higher timeframe)
44,400 to 44,500
Nasdaq 8H Chart and Technical Levels
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Nasdaq (CFD) 8H Chart, November 21, 2025 – Source: TradingView
The Nasdaq is struggling the most out of all US Indexes, also trying to hang onto the 24,000 level.
There is an ongoing battle between sellers and buyers at the lows, therefore keep an eye on the Weekly lows (23,841): Breaching this could add further pressure to the Index.
If things stay around here however, a short-timeframe double-bottom could help bulls towards a rebound – Watch if the session closes above or below 24,000!
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US Equities have endured another rough week, defying the logic of strong earnings reports from heavyweights like Walmart and Nvidia, both of which provided optimistic forward communications.
The market is currently wrestling with a toxic mix of headwinds hurting sentiment:
Growing fears that AI investment has peaked coinciding with signs that the labor market may also be topping out.
Furthermore, tariffs—now in place for almost six months—are visibly biting the American consumer, fueling concerns that interest rates could be held higher for longer as the Fed battles the inflationary prospects of trade barriers.
However, a lifeline appeared in the form of NY Fed President John Williams, who brought back hopes for the December meeting.
His comments single-handedly resurrected the probability of a cut, swinging market pricing from a bleak 20% chance yesterday morning back up to above 70%.
This massive repricing only magnifies how quintessential incoming data will be as the Fed’s double mandate slowly shifts its focus back towards inflation.
After a 2% drop throughout all major US Indices yesterday, some small dip-buying is occurring, but it remains inconsequential due to the prevailing high fear levels.
As time develops, some selling flows are picking up, making the whole picture even more blurry.
The weekly close will be critical for next week's action: we are trading right around the October lows.
Any breach lower could drag further selling and confirm a breakdown, while a rebound from here points more to rangebound action as more data unfolds.
You can see how tricky Markets are. Nvidia is actually down for the second consecutive session after posting record earnings!
Let's dive right into the intraday outlook for all three US Major indices: Dow Jones, Nasdaq, and S&P 500.
Read More:
A global Outlook on US Indices
Dow Jones 8H Chart and Technical Levels
The Dow Jones oscillates around the 46,000, slightly more resilient than its tech-heavier peers.
The better prospects from the Walmart Earnings has helped to maintain some life in the DJIA which represents US Manufacturing and defensive sectors with more emphasis.
It's resisting better to the selling flows but would also need better sentiment to get back on track: Its 8H RSI is struggling to bounce higher.
Still, the price action stands at a key psychological level.
Dow Jones technical levels of interest:
Resistance Levels
Support Levels
Nasdaq 8H Chart and Technical Levels
The Nasdaq is struggling the most out of all US Indexes, also trying to hang onto the 24,000 level.
There is an ongoing battle between sellers and buyers at the lows, therefore keep an eye on the Weekly lows (23,841): Breaching this could add further pressure to the Index.
If things stay around here however, a short-timeframe double-bottom could help bulls towards a rebound – Watch if the session closes above or below 24,000!
Nasdaq technical levels of interest:
Resistance Levels
Support Levels
S&P 500 8H Chart and Technical Levels
The S&P 500 has broken below 6,600, a Major psychological support.
Similarly as its peers however, it is holding its October ATH Support levels.
S&P 500 technical levels of interest:
Resistance Levels
Support Levels
Safe Trades!
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