US indices remain uncertain ahead of CPI data – S&P 500, Nasdaq and Dow Jones outlook

[Redator]

The Non-Farm Payrolls released on Friday provided a wide range of reactions, between the initial increased-rate cuts pricing boost to rising fears of an economic downturn in the world's largest economy.

Uncertainty in the US continues as participants await Wednesday's PPI release (last month was a surprise, renewing tariff-led inflations fears) and more importantly, Thursday's CPI data.

Friday's US Labor release have only confirmed one round of the multiple headwinds coming up for Markets – The US Dollar is stalling its descent against majors as a potential beat on inflation expectations would disallow a 50 bps cut in the 17th of September FOMC Meeting.

In the meantime, Nasdaq is bringing stronger flows in today's session as equity index sentiment is holding even with Gold casually making new all-time highs – A piece will be release this early afternoon to spot potential hurdles to this rally.

Let's have a look at an intraday picture for the Nasdaq, S&P 500 and the lagging Dow Jones.

Read More:

• Markets Weekly Outlook – Moving forward from NFP, onto Inflation week
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Technical analysis for the Nasdaq, S&P 500 and Dow Jones

Nasdaq 4H Chart

Nasdaq 4H Chart, September 8, 2025 – Source: TradingView

Late Friday dip buying has helped the tech-heavy index just around the pre-NFP level.

It seems that the current bull-trend is resilient despite the shift in economic certainty, which doesn't frighten tech-stocks due to their way of generating income: Even broke, people will still watch videos and scroll pages, producing adversing revenues.

Names like Oracle, Amazon, Broadcom and Palantir (surprise comeback?) is dragging Nasdaq above its competitors.

Watch 23,867 as bulls are pushing towards the pre-NFP – Odds of a clear breakout before the mid-week inflation data is of low probabilities but everything is possible these days!

Nasdaq technical levels of interest

Resistance Levels

• Current All-time Highs 23,986
• NFP highs 23,867
• 24,250 potential resistance at middle of upward channel

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

S&P 500 4H Chart

S&P 500 4H Chart, September 8, 2025 – Source: TradingView

The dip-buying seen in Nasdaq also spread to the S&P 500, but to a lower extent.

The index would be more affected than its tech-focused peer by a slowdown in the labor market, nonetheless, as long as prices remain within the 6,490 to 6,512 Pivot, the price action is balanced.

A break above would relaunch the push to further all-time highs while a failure to hold the pivot zone could bring stronger profit-taking.

Everything will depend on Wednesday and Thursday's inflation data points.

S&P 500 technical levels of interest

Resistance Levels

• Friday and NFP 6,533 All-time highs
• 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 pivot
• 6,400 Main Support
• 6,300 psychological support
• 6,210 to 6,235 Main Support (August NFP Lows)

Dow Jones 4H Chart

Dow Jones 4H Chart, September 8, 2025 – Source: TradingView

Last week's still contracting ISM Manufacturing PMI report followed by the NFP report haven't helped the Dow.

The index focuses on US manufacturing and production, which would get battered in an economic downturn.

Particularly with tariffs hitting US Producers, expectations are getting lower for the US 30 compared to its younger-tech brothers.

Bulls have brought it back from a retest of its 45,280 previous ATH level which helps to confirm the ongoing range (see on chart, check the triple retest of the ATH) and points to sideways action until Wednesday's PPI data.

The 45,000 is the key handle to look for as a gauge for buyer-tenacity or a reversal in technical and fundamental sentiment, keep a close eye on this.

Dow Jones technical levels of interest

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

• Low of imminent consolidation 45,280
• Key Support/longer-run pivot 45,000
• Support 44,200 to 44,500
• Main Support (NFP Lows) 43,000 to 43,750

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