US Indices intraday update after the ISM PMI releases

[Redator]

We just received the first round (and only) of key US Data for this week with the ISM PMIs.

Services keep dragging up the overall numbers, showing a 55.2 beat vs 53.0 expectations, while Manufacturing saw its first yearly decrease and now indicating contraction (49.0 vs 52.5 exp).

The US Indices have opened mixed and have been moving a bit erratically amid some rewiring of flows, relative strength and Deal headlines.

This is typical of the ongoing Earnings season.

We will try to make some sense out of the price action by looking at all 3 majors US Indices' intraday charts – Dow Jones, S&P 500 and Nasdaq.

Read More: USDJPY re-enters its range after US-Japan trade deal—will it hold?

Intraday charts for all Major US Indices

Dow Jones 30m Chart

Dow Jones 30m Chart, July 24 2025 – Source: TradingView

After testing the January all-time high levels (45,060) at the close but failing to breach it, some sellers have mean-reverted the action overnight, marking pre-open lows on the US 30 CFD at 44,692.

Despite the contraction shown in manufacturing, some buyers are stepping in to test the overnight short-term downtrend – breaching above 44,920 on a 30m close would give them the extra hand they might be requiring to try to finally push to new ATH but watch if they fail to do so.

Other indices would however need to follow higher to drag the index and buyers would have to get stronger to avoid profit-taking to settle in.

A rejection of current levels would point towards a retest of the Immediate Pivot Zone near 44,650 and would consolidate the ongoing rangebound action.

S&P 500 30m Chart

S&P 500 30m Chart, July 24 2025 – Source: TradingView

The S&P 500 has just been bullying through new all-time highs and has formed a decent looking upwards channel – Watch for the ongoing reactions at the Potential Resistance (6,395 to 6,400).

MES futures did breach that zone easily, and with the current Services PMI Data, only a drag from the upwards channel and sellers in other indices would prevent that level to be achieved.

Ongoing momentum is strong.

Nasdaq 30m Chart

Nasdaq 30m Chart, July 24 2025 – Source: TradingView

The Nasdaq has formed an intermediate double top at its all-time highs (23,288 on its CFD) amid some shift in positioning towards other indices.

The Index had been doing the same as the S&P, just blazing through all-time highs almost daily – Traders will have to breach the current highs if they want to keep the hand.

A failure to do so may indicate some short-term correction taking place as the current top is located right at a higher timeframe 161.8% Fib extension (spotted in this previous Nasdaq analysis)

There is some small ongoing buying to monitor.

Parenthesis on interesting chart

Source – Chris Stradele on X, Chart from CNN

The CBOE Put/Call Ratio is at extremes with a huge proportion of Calls getting bought over Puts – A sign of extreme greed in the options market.

I recall a 2022 Bear Market bottom on the exact reverse.

You can check out the Put/Call Ratio right here.

Safe Trades!

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.