JOLTS miss prompts cooling in equity Markets - US Indices intraday analysis

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A couple of data points got published for the US after no economic release in the prior session – Markets actually did not need such to move sharply, particularly after a volatile follow-up to the EU-US Trade Deal headlines.

Despite a positive Consumer Sentiment report (97.2 vs 95.0 expected), Bears are marking intermediate tops in US Indices after a worse than anticipated JOLTS report (7.437M versus 7.500M estimate).

There has been a strange atmosphere in Markets as of late with reactions to headlines beginning to be more surprising than they were for the first half of the year – And I am not omitting how volatile the 1st half was.

The biggest culprit in that aspect is the Dow Jones, sending many signals of relative strength before retracting – The latest being a shakeout at the highs creating a new record for the index before falling by 500 points.

Nasdaq and the S&P 500 have marked some new highs before also retracting. Markets are still expecting the release of Microsoft, Meta, Apple and Amazon earnings.

You can check the earnings preview for Meta right here, and stay logged in for more previews coming in throughout the day.

The complexity of the situation may stand in the latest rebound in the US Dollar surprising participants – In the meantime, let's take a look at the US Indices intraday charts.

Read More: EURUSD selloff deepens as yearly highs fade from view

Intraday Charts for the S&P 500, Nasdaq and Dow Jones

S&P 500 1H Chart

S&P 500 1H Chart, July 29, 2025 – Source: TradingView

The S&P 500 has sold off close to 40 points from its new All-time high level attained yesterday during futures overnight trading (CFD 6,428 – 6,409 on the actual index).

The price action is showing confluence between the lower highs on the charts and the lower highs in the RSI – Buyers did push to fill the week-end gap located at 6,415.

Consider the Mid-July upwards channel for immediate momentum and relative-strength as prices are approaching its lower bound.

Any move in today's session is subject to some imminent change in sentiment as key earnings from the Magnificent 7 may alter today's analysis.

Levels of interest to place on your charts:

Support Levels:

• 6,385 channel lows (immediate support)
• Pivot turned support 3,340 +/- 5pts – Confluence with 1H MA 200
• Short-term Key Support just below 6,300

Resistance Levels:

• Pivot/Resistance around the 6,400 psychological level (+/- 5 pts)
• 1H MA 50 6,404
• ATH Resistance 6,420 region
• ATH 6,427 (right at 1.618% fib extension)

Nasdaq 1H Chart

Nasdaq 1H Chart, July 29, 2025 – Source: TradingView

The Nasdaq as hit a new record in this morning's session right at the 10:00 A.M data (23,535 CFD – 23,510 actual index) and is currently selling off right below its 1H-50 Period Moving Average.

The ongoing selling is strong and the level to check for potential acceleration would be 23,320 where the week-end open gapped – This level serves as immediate pivot to the price action so keep it closely in check

Same as for the S&P 500, any action in today's session may be invalidated by the upcoming earnings so watch your risk and bias, as the releases will have a huge influence on the future course of action.

Levels of interest to place on your charts:

Support Levels:

• Week-end gap pivot 23,320 to 23,360
• Pivot turned Support at 23,150 in Confluence with 1H MA 200
• 22,900 Support

Resistance Levels:

• All-time High resistance zone around 23,500
• ATH 23,535
• 23,393 1H 50-period MA

Dow Jones 1H chart

Dow Jones 1H Chart, July 29, 2025 – Source: TradingView

The Dow Jones had formed a bearish divergence at the weekly open after gapping to new all-time highs (45,143 CFD, 45,016 on Index)

Since, the index has been selling off quite strongly since, and current reactions to the Immediate pivot are interesting to keep in check, particularly as momentum is getting oversold and the 1H MA 200 is acting as immediate support.

Levels of interest to place on your charts:

Support Levels:

• Preceding Range Highs, Current pivot 44,600 to 44,700
• 44,400 Support Zone
• 44,000 Support Main Support Zone

Resistance Levels:

• ATH Resistance Zone 44,900 to 45,145
• ATH 45,143
• 1H 50-period MA 44,915
• 44,870 break-retest of May uptrend

Safe Trades and watch out for the upcoming key earnings!

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