The Dow Jones Industrial Average is struggling to rise while the S&P 500 and the NASDAQ Composite indices are slowly gaining strength. The Dow Jones was down 0.5 per cent for the week. The S&P 500 and the NASDAQ Composite indices were up 1.2 and 1.7 per cent respectively last week.Last week, we had cautioned about getting a trend reversal. It looks like this reversal can now happen with a slight delay. The S&P 500 and the NASDAQ Composite indices have room to rise more before a hitting a peak. To that extent, the Dow Jones can also manage to hold higher.Here is an analysis on where the US markets are headed going forward.Dow Jones (52,642.27)The index broke the crucial resistance level of 53,150 last week but did not sustain. At the same time, the support at 52,000 is also holding well for now.We can expect the Dow Jones to remain in a range of 52,000-53,300 for some time. If it manages to breach 53,300, an extended rise to 54,000 can be seen.As mentioned last week, a fall below 52,000 will indicate that a top is in place. It will then turn the outlook bearish for a fall to 50,000-49,000 thereafter. We will have to wait and watch.S&P 500 (7,575.38)The way the S&P 500 index is holding above 7,400 and the rise last week indicates that the bullish picture is still intact. That keeps alive the chances of a rise to 7,800-7,900. A decisive break above 7,600 can trigger this rise.The index will come under pressure for a fall to 7,200-7,100 only on a break below 7,400. Also, a sustained fall below 7,100 is needed to indicate that trend has reversed. For now, the picture is positive and the rise to 7,800-7,900 is likely to be seen first.NASDAQ Composite (26,281.61)The support 25,600 has held very well. The NASDAQ Composite index has bounced back well from its low of 25,526. The rise above 26,000 has eased the downside pressure. A strong follow-through rise from here can take the NASDAQ Composite index up to 27,500-28,000 in the coming weeks. The price action thereafter will need a close watch. A rise beyond 28,000 might not be very easy. As such, we need to be very cautious as the index approaches 28,000.The level of 25,000 is an important support. The short-term outlook will turn negative if the index breaks below 25,000. Such a break can drag it down to 24,000.Dollar outlookThe dollar index (100.97) oscillated around 101 all through the week. The support at 100.60 mentioned last week is holding very well. As long as the index stays above 100.60, there is no change in our bullish bias.We expect the dollar index to get a sustained break above 101. Such a break can take it higher towards 103 in the coming weeks. It will also keep the upside open to see 105-106 over the medium term.The short-term outlook will turn negative only if the index breaks below 100.60. If that happens, a fall to 99.30 can be seen. That in turn may negate the bullish view of seeing 105-106.Treasury YieldThe US 10Yr Treasury Yield (4.56 per cent) seems to be struggling to get a strong follow-through rise above 4.55 per cent. The bias is positive. A rise above 4.6 per cent can boost the momentum. Such a break can take the 10Yr Treasury yield higher to 4.8 per cent in the coming weeks.The yield has to decline below 4.35 per cent to come under pressure for a fall to 4.25 per cent or even lower.Published on July 11, 2026