The Market ambiance seems to have taken a decidedly better turn as Americans get ready to celebrate Thanksgiving.
It is worth a reminder that Markets will be closed tomorrow and will close early on Friday, therefore expect volumes to taper off significantly as the day progresses.
European Stocks have rallied for a third consecutive day, providing a much-needed sentiment kicker for most North American opens: The S&P 500 just broke back above 6,800; Dow Jones is holding strong above 47,000 and Nasdaq is doing the same above 25,000 – Key psychological marks for US indexes.
This week was essential, arriving just when the narrative seemed to have turned dark for the end-of-year trading amidst valuation fears, post-earnings "sell-the-news" flows (like Nvidia), and a hawkish Fed scare—a fear that has now substantially eased, with a December cut now 80% expected.
zoom_out_map
US Equity Heatmap (09:57 A.M.) – November 26, 2025 – Source: TradingView
While the pre-Thanksgiving session is often a muted but positive one, heading into the two-day break, it will be important to watch how the close shapes up.
Post-Thanksgiving weeks historically open both ways as traders get ready for the final month of the year and the final, pivotal Fed meetings, so the real test for Stocks will be next week!
Let's dive right into the intraday outlook for all three US Major indexes: Dow Jones, Nasdaq, and S&P 500.
US Main Indices Daily Outlook – All gap higher. November 26, 2025 – Source: TradingView
Dow Jones 4H Chart and Technical Levels
zoom_out_map
Dow Jones (CFD) 4H Chart, November 26, 2025 – Source: TradingView
It's almost as if nothing happened in the Dow the past two weeks.
The Strong bullish up-moves from yesterday's open took the index back above its Pivot Zone and key 50 and 200 Moving Averages, providing it a bullish mid-term outlook.
With volumes down this week, a weekly close will still be highly anticipated for traders and sentiment:
Above the Pivot Zone (47,000 to 47,200), expect continuation.
Within the Pivot Zone, the action should be more rangebound/balanced as Markets await for more releases
Below, the mid-term outlook is more for a further correction.
Dow Jones technical levels of interest:
Resistance Levels
Current All-time high 48,459
Next Resistance zone 47,500 - 47,650
Psychological resistance at 48,000
Support Levels
Higher timeframe pivot 47,000 to 47,200
46,000 +/- 300pts Immediate Support
Tuesday Lows 45,925
45,000 psychological level (next support and main for higher timeframe)
Nasdaq 4H Chart and Technical Levels
zoom_out_map
Nasdaq (CFD) 4H Chart, November 26, 2025 – Source: TradingView
Nasdaq has completely reversed its past-Thursday drop, dragged higher by strong tech performance (even without much help from Nvidia).
Now facing another strong test at the 25,000 to 25,250 Resistance at a confluence with the 4H MA 200, closing above last Thursday's highs will confirm a break above the past week's descending channel.
Watch for imminent momentum which has slowed down as US traders get ready for the Thanksgiving holiday.
Nasdaq technical levels of interest:
Resistance Levels
Resistance 25,000 to 25,250 immediate test, MA 200 and Thursday highs
Current ATH 26,283 (CFD)
Intermediate resistance and 4H MA 50 25,700 to 25,850
As the session unrolls, the action is holding around the 6,800 psychological level and once again, it's as if we never really went lower these past few weeks.
Bulls have managed to break above the Broad Bear Channel that took the price action down 5% since mid-November.
Still, keep an eye on the 6,800 level which steps right at a resistance zone and a retest of the Higher timeframe upwards channel (broken for now).
Above 6,815, there won't be much to stop a retest of the all-time highs.
Below 6,800 however, some sellers might try to re-enter the pullback higher.
S&P 500 technical levels of interest:
Resistance Levels
6,930 (current All Time-Highs)
6,800 Psychological resistance (+/- 10 points)
Mid-term resistance 6,860 to 6,880
ATH Resistance 6,900 to 6,930
Support Levels
6,680 to 6,700 Key Support
6,570 to 6,600 support
4 H MA 50 at 6,750
6,490 to 6,512 Previous ATH October lows (recent lows)
6,400 psychological support
Safe Trades!
Follow Elior on Twitter/X for Additional Market News, interactions and Insights@EliorManier
You can post now and register later.
If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.
The Market ambiance seems to have taken a decidedly better turn as Americans get ready to celebrate Thanksgiving.
It is worth a reminder that Markets will be closed tomorrow and will close early on Friday, therefore expect volumes to taper off significantly as the day progresses.
European Stocks have rallied for a third consecutive day, providing a much-needed sentiment kicker for most North American opens: The S&P 500 just broke back above 6,800; Dow Jones is holding strong above 47,000 and Nasdaq is doing the same above 25,000 – Key psychological marks for US indexes.
This week was essential, arriving just when the narrative seemed to have turned dark for the end-of-year trading amidst valuation fears, post-earnings "sell-the-news" flows (like Nvidia), and a hawkish Fed scare—a fear that has now substantially eased, with a December cut now 80% expected.
While the pre-Thanksgiving session is often a muted but positive one, heading into the two-day break, it will be important to watch how the close shapes up.
Post-Thanksgiving weeks historically open both ways as traders get ready for the final month of the year and the final, pivotal Fed meetings, so the real test for Stocks will be next week!
Let's dive right into the intraday outlook for all three US Major indexes: Dow Jones, Nasdaq, and S&P 500.
Read More:
A global Outlook on US Indices
Dow Jones 4H Chart and Technical Levels
It's almost as if nothing happened in the Dow the past two weeks.
The Strong bullish up-moves from yesterday's open took the index back above its Pivot Zone and key 50 and 200 Moving Averages, providing it a bullish mid-term outlook.
With volumes down this week, a weekly close will still be highly anticipated for traders and sentiment:
Dow Jones technical levels of interest:
Resistance Levels
Support Levels
Nasdaq 4H Chart and Technical Levels
Nasdaq has completely reversed its past-Thursday drop, dragged higher by strong tech performance (even without much help from Nvidia).
Now facing another strong test at the 25,000 to 25,250 Resistance at a confluence with the 4H MA 200, closing above last Thursday's highs will confirm a break above the past week's descending channel.
Watch for imminent momentum which has slowed down as US traders get ready for the Thanksgiving holiday.
Nasdaq technical levels of interest:
Resistance Levels
Support Levels
S&P 500 4H Chart and Technical Levels
As the session unrolls, the action is holding around the 6,800 psychological level and once again, it's as if we never really went lower these past few weeks.
Bulls have managed to break above the Broad Bear Channel that took the price action down 5% since mid-November.
Still, keep an eye on the 6,800 level which steps right at a resistance zone and a retest of the Higher timeframe upwards channel (broken for now).
Above 6,815, there won't be much to stop a retest of the all-time highs.
Below 6,800 however, some sellers might try to re-enter the pullback higher.
S&P 500 technical levels of interest:
Resistance Levels
Support Levels
Safe Trades!
Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier
Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.
If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.
Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.
© 2025 OANDA Business Information & Services Inc.