US Indices technicals as they open higher despite the miss in NFP – Cuts pricing boost stocks but sellers appear

[Redator]

Markets got the release of the Non-Farm Payrolls number for August.

With the consequential miss (22K vs 75K exp) and further downward revisions, the picture is bleak but stocks open slightly higher.

There is immediate selling from profit-taking however, keep an eye on this.

Some analysts report that the FED would have comfortably cut by 50 bps if it wasn't for the US Tariffs that have just started to impact the data.

The 2Y yield is now at the lowest since April 2025 (Liberation Day trough) and Markets are still pricing more cuts for the year: Currently at 75 bps for the year and still rising.

With the FED entering its Blackout Period (no interviews on Economic or financial policies until the FOMC), any comments from WSJ's Timiraos will have to be closely monitored for tips to the upcoming decision – He is the FED's unofficial spokesperson.

US 2-Year Yield, September 5, 2025 – Source: TradingView

Enough talks about rates, the focus of this piece is to look at the US Indices which are opening green throughout the board.

FED Interest Rate cuts prospects are boosting the risk-appetite despite a lower projected immediate economic progress, but remember that Stock Markets ≠ the Economy.

Let's have a look at S&P 500, Nasdaq and Dow Jones levels.

US Indices chart and technical levels

S&P 500 breaks a new all-time high but momentum starts to slow down

S&P 500 4H Chart, September 5, 2025 – Source: TradingView

The S&P is leading all indices on its way higher, with the global scope of stocks rising from the cheaper financing prospects of further rate cuts, the 500-best US companies flex their muscle.

One thing to consider is that despite algos trying to push the price higher, some profit-taking seems to be happening around immediate trading levels.

The day is far from over and you can expect volatility to keep rising as participants place their bets.

Look at 6,539, a key Fibonacci level: A large push above would confirm the up-move while rejecting there should lead to some further profit-taking flows.

Current levels for S&P 500 trading

Levels for S&P 500 trading

Resistance Levels

• session highs 6,533 All-time highs
• 6,539 breakout/resistance level
• 6,570 to 6,600 Potential ATH resistance (from Fibonacci extension)
• Way higher Fib-extension potential resistance from 6,650 to 6,700

Support Levels

• 6,490 to 6,512 ATH resistance (broken) now pivot
• 6,400 Main Support
• 6,300 psychological support
• 6,210 to 6,235 Main Support (NFP Lows)

Nasdaq is back on track to retest its all-time highs but shows hesitancy

Nasdaq 4H Chart, September 5, 2025 – Source: TradingView

The tech-focused index, largely the winner for this year, is now starting to slow down a bit compared to its other peers – Nonetheless, it is still heading towards a test of its prior peak.

Sellers just above the highs of the range mentioned in our pre-NFP analysis and it will be essential to watch if buyers do manage to push the index to retest the 23,986 ATH.

For now, the Nasdaq is showing mixed signs – Look for a break above (23,867) today's highs or below the pre-data CFD lows (23,691)

Current levels for Nasdaq trading

Levels for Nasdaq trading

Resistance Levels

• Current All-time Highs 23,986
• Daily highs 23,867
• 24,250 potential resistance at middle of upward channel (broken?)

Support Levels

• Daily lows 23,691
• 23,000 Key Support
• 22,700 support at NFP lows
• Early 2025 ATH at 22,000 to 22,229 Support

Dow Jones forming a triple top

Dow Jones 4H Chart, September 5, 2025 – Source: TradingView

Still constrained within its rising wedge, the Dow raced to retest its All-time highs (45,765) but with buyers failing to push above, a short-term triple top is forming.

Sellers are currently appearing however as buyer strength is exhausting.

The MA 50 (45,434) which was used as a bottom in yesterday's session will be acting as key support.

Current levels for Dow Jones trading

Levels for Dow Jones trading

Resistance Levels

• Current All-time high 45,765
• ATH Resistance Zone 45,700 (+/- 150 pts)
• 1.618 Fibonacci-Extension for potential ATH resistance 46,400 to 46,850

Support Levels

• 4H MA 50 45,434
• Previous ATH resistance zone, now pivot 45,000 to 45,280
• Support 44,200 to 44,500
• Main Support (NFP Lows) 43,000 to 43,750

Safe Trades!

Follow Elior on Twitter/X for additional Market News, Insights and Interactions @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.