Here Is the Top in U.S. Stocks?

Ben Graham · Setembro 21

Index Trading

Where Is the Top in U.S. Stocks? Key Levels to Watch in the Nasdaq and S&P 500

Index Trading

The U.S. stock market continues to push into uncharted territory, leaving traders asking the big question: where is the top in U.S. stocks? Or perhaps more importantly, is there even a top in sight?

With the U.S. dollar downtrend losing steam and bond yields retreating after a strong run-up, momentum in equities has remained impressive. Both the S&P 500 and Nasdaq 100 are trading at record highs, but when markets stretch into uncharted territory, identifying potential turning points becomes critical for traders.

Why Picking a Market Top Is Tricky

When indices like the S&P 500 and Nasdaq 100 reach all-time highs, there are no previous resistance levels to guide traders. The only natural targets become round numbers or “big figures”— psychological levels such as 25,000 on the Nasdaq or 6,700 on the S&P 500.

However, rather than guessing at tops, it’s better to drill down through multi-timeframe analysis: starting with monthly, then weekly, daily, and 4-hour charts to identify the levels that keep the trend intact.

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Nasdaq 100 (NAS100): 24,000 Is the Line in the Sand

On the monthly chart, the Nasdaq shows six consecutive green candles, signaling a powerful uptrend. The first real warning of a pause would come only with a red monthly close, but the current support near 16,626 is far too distant to be relevant now.

On the weekly timeframe, key levels at 22,667 and 21,365 also remain far away, confirming strong momentum.

But on the daily chart, things get more interesting. The 24,000 level (23,995) is the crucial support to watch. As long as the Nasdaq holds above 24,000, the market bias remains to the upside, and traders will continue to buy the dips.

On the 4-hour chart, shorter-term supports align with this same level, reinforcing 24,000 as the critical pivot for momentum.

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S&P 500 (US500): 6,550 Is the Key Support

Like the Nasdaq, the S&P 500 has also logged six green monthly candles in a row. The monthly support near 4,800 remains far too distant to matter in the current momentum-driven rally.

On the weekly timeframe, the nearest key level is around 6,350, which again sits comfortably below current prices.

However, both the daily and 4-hour charts highlight 6,551 as the critical support level. Seeing the same number across multiple timeframes adds weight to its importance. As long as the S&P holds above 6,550, the bullish bias remains intact.

Buy the Dip Remains the Winning Strategy

The market has rewarded one strategy again and again: buying dips while above key support levels. Traders will keep leaning on this playbook until it stops working.

Only when buy-the-dip fails repeatedly will momentum shift and a potential top take shape. Until then, the market continues rewarding those who stay with the trend rather than trying to fight it.

Conclusion: No Top Until Support Breaks

So, where is the top in U.S. stocks? For now, the market has not given traders a reason to call one.

Nasdaq 100 (NAS100): Watch 24,000

S&P 500 (US500): Watch 6,550

As long as prices remain above these levels, the bullish trend is intact, and dips are buying opportunities. A decisive break below them, however, could finally signal that momentum is stalling and that a top may be forming.

Instead of guessing at a top, let the market show you. Until support levels break, U.S. stocks remain in buy-the-dip mode.

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