A mixed US Stocks Session to begin 2026 – US Index Outlook

[Ben Graham]

Traders are slowly getting back to their posts after a well-deserved Holiday break.

Following a very positive futures trading session, the official Market open was marked by some repositioning flows from outperforming tech to defensive sectors.

zoom_out_map

Current picture for the Stock Market (12:50 P.M. ET) – Source: TradingView – January 2, 2025

A sign for the trading to come in 2026? Tough to say for now.

Elevated valuations in the tech sector have been a recurring theme since mid-October.

With rate cuts improving the financial positions of high-debt traditional industries, a particular attraction to Industrial and Energy stocks helps the Dow dominate the session.

Not much is on the economic or geopolitic schedule, so let's dive into our daily intra-session charts for the major US Indexes: Dow Jones, Nasdaq, and S&P 500.

Read More:

• Will the US Dollar make a comeback in 2026? DXY Outlook
• Silver (XAG/USD): A major top or a correction before new highs?
• Markets Today: FTSE 100 Breaches 10,000 Mark, Gold Rises 1.8% as UK House Prices Drop to 20-Month Lows

Dow Jones 4H Chart – Watch the double top

zoom_out_map

Dow Jones (CFD) 4H Chart – January 2, 2025 – Source: TradingView

Dow Jones technical levels for trading:

Resistance Levels

• All-time High resistance between 48,700 to 48,886
• Session highs 48,444
• November ATH 48,300 to 48,500, acting as resistance (testing)
• 50,000 Psychological Level and Potential Fib Target (50,159)

Support Levels

• Psychological Pivot at 48,000
• Pre-NFP 47,500 to 47,650 (recent lows)
• Key Support 47,000 (+/- 150) and MA 200
• August highs and November Lows 45,715
• 45,000 psychological level (next support and main for higher timeframe)

Nasdaq 4H Chart – Struggling to regain its ATH

zoom_out_map

Nasdaq (CFD) 4H Chart – January 2, 2025 – Source: TradingView

Nasdaq technical levels of interest:

Resistance Levels

• 25,227 daily highs to break for a bull breakout
• Mini-Resistance 25,500 +/- 75 pts
• intermediate resistance 25,700 to 25,850 (recent highs)
• All-time high resistance zone 26,100 to 26,300
• Current ATH 26,283 (CFD)

Support Levels

• 25,050 Channel retest and 2H 50 MA
• 24,500 Main support
• October and November lows just below 24,000
• Early 2025 ATH at 22,000 to 22,229 Support

S&P 500 4H Chart –

zoom_out_map

S&P 500 (CFD) 4H Chart – January 2, 2025 – Source: TradingView

S&P 500 technical levels of interest:

Resistance Levels

• Range High Resistance 6,880 to 6,900
• 6,930 (current All Time-Highs)
• Weekly highs 6,896
• Mid Range 6,850
• ATH Resistance 6,900 to 6,930

Support Levels

• 6,800 Psychological Pivot and Range lows
• Mini-Support 6,720 to 6,750 (current test)
• Session lows 6,750
• Support 6,720 to 6,750 and 8H MA 50
• 6,490 to 6,512 Previous ATH October lows (recent lows)
• 6,400 psychological support

Safe Trades and a Successful 2026!

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.
© 2026 OANDA Business Information & Services Inc.