The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices snapped their fall last week. The Dow Jones and S&P 500 were up 1 per cent, while the Nasdaq Composite index rose about 1.6 per cent. Broadly, the benchmark indices are giving a mixed picture. The Dow Jones has to get a strong follow-through rise from here. The S&P 500 seems to be stuck in a sideways range. The Nasdaq Composite index, on the other hand, is witnessing a corrective bounce within its downtrend.Overall, the US markets are not looking very bullish at the moment. So, we continue to maintain our cautious stance.Dow Jones (52,490.26)The Dow Jones broke the support at 51,800, but did not get a strong follow-through selling. The index touched a low of 51,556 and then has risen back well from there. The immediate outlook is slightly unclear.Resistance is in the 53,000-53,100 region. Supports are at 52,150 and 51,500. So broadly, 51,500-53,100 can be the trading range. A breakout on either side of 51,500-53,100 will then determine the next move.A break above 53,100 can take the Dow Jones higher to 53,500 or even 54,200-54,400, going forward. On the other hand, a fall below 51,500 will be bearish. In that case, the Dow Jones can decline to 50,000 or even 49,000. We will have to wait and watch.S&P 500 (7,489.71)The index is stuck between 7,235 and 7,620 for more than two months now. Strong support is around 7,200. So, a slightly wider range of trade could be 7,200-7,620. Within this range, the S&P 500 is moving up now. So, a rise to 7,600 is possible from here.If it manages to breach 7,620 decisively, then a fresh rise to 7,800 is possible. But failure to break 7,620 and a reversal thereafter will keep the sideways range intact. In that case, the index can fall back to 7,500-7,450 initially and then further to 7,300 and lower.A decisive break below 7,200 will be bearish. It will indicate that a top is in place and drag the index down to 7,000 and even lower.Nasdaq Composite (25,373.85)The index has risen back well from the low of 24,425. Resistances are at 25,600 and 25,750. Higher resistance is at 26,000. The trend is down. So, we can expect the Nasdaq Composite index to reverse lower and resume the downtrend from either of the three resistances mentioned above.That leg of fall can drag the index down to 25,000 again. An eventual break below 25,000 can then take the index lower to 24,100 or 23,900.A decisive rise above 26,000 is needed to get some relief. Only then the outlook will turn positive for a rise to 27,500 again.Dollar outlookThe dollar index (99.80) fell sharply from its high of 101.64 last week. The Japanese Yen’s strong 4 per cent surge against the dollar on the back of its central bank intervention dragged the dollar index lower last week. Reports say that there was a coordinated intervention by both Japan and the US to arrest the Yen’s depreciation.The dollar index has an immediate support at 99.60. A strong bounce from there can trigger a relief rise to 100.50-101 again. But a break below 99.60 can drag the index down to 99.20. That, in turn, will keep the index vulnerable to break 99 and fall to 98.20-98 again.Treasury YieldThe support at 4.6 per cent has held very well. The US 10Yr Treasury Yield (4.72 per cent) has risen back well from the low of 4.59 per cent. That keeps our overall bullish view to see 4.8 per cent intact. As mentioned last week, if the momentum sustains, the 10Yr can breach 4.8 per cent surge to 5 per cent as well.A pull back from 4.8 per cent can take the yield down to 4.7 per cent or 4.6 per cent.Published on August 1, 2026