The Dow Jones Industrial Average, S&P 500 and the NASDAQ Composite indices witnessed a strong rise last week. The Dow Jones and the S&P 500 were up 2.95 per cent and 3.58 per cent, respectively. The NASDAQ Composite index on the other hand surged over 5 per cent. The significant rise last week indicates that the broader uptrend is still alive. It has also opened the doors for more upside from here.Dow Jones (54,042.39)The break above 53,100 and the rise to 54,400 has happened. Indeed, the index surged to a high of 54,749.47 and has come down from there. The rise last week marks the end of the corrective fall that was in place since early July.The region between 53,200 and 53,000 will now be a very good support. Resistance is around 54,650. As long as the index stays above 53,000, the bias is bullish to see a break above 54,650. Such a break can take the Dow Jones higher to 56,000 initially.From a medium-term perspective, the Dow Jones now has the potential to target 58,000 on the upside. A decisive break below 53,000 is needed to negate the bullish view and drag it down to 50,000.S&P 500 (7,757.63)The three-month long sideways consolidation has ended, and the S&P 500 index has made a bullish breakout. The region between 7,600 and 7,550 will now be a very good support. An immediate fall below this support zone is unlikely.The outlook is bullish. The S&P 500 index can now rise to 8,000 in the coming weeks. The price action thereafter will need a very close watch. Failure to breach 8,000 can drag the S&P 500 index down to 7,600-7,500 again. But if it manages to break above 8,000, then there are good chances to see an extended rise to 8,400-8,450.From a big picture, cluster of supports are there in the 7,400-7,200 region. The index has to decline below 7,200 to turn the outlook bearish.NASDAQ Composite (26,690.62)Contrary to our expectation, the NASDAQ Composite index has risen breaking above the key resistance level of 26,000. This marks the end of the downtrend that was in place since June. It has also negated the chances of the fall to 23,900 that we had mentioned last week. Support is now in the 26,000-25,500 region.However, there is not much room left on the upside from here. The index can test 27,000 in the near term. A break above it can take it further higher to 28,000, an important resistance. The chances of a rise beyond 28,000 is less likely. As such we can expect the upside to be capped at 28,000 for the NASDAQ Composite. The index can turn down again from around 28,000. So, we prefer to remain cautious rather than becoming overly bullish on the NASDAQ Composite index again.Dollar OutlookThe dollar index (99.60) remained lower but was stable all through last week. The index was stuck between 99.40 and 100. Key support is in the 99.20-99 region which can limit downside for now. However, a sustained rise above 100 is needed to get some relief and go back up to 100.50-101 again.Failure to rise past 100 can keep the dollar index vulnerable to break 99 and fall to 98 in the short term. It is a wait-and -watch situation for now.Treasury YieldThe US 10Yr Treasury Yield (4.65 per cent) is stuck between 4.6 per cent and 4.75 per cent for more than two weeks now. The bias is positive to see a rise to 4.8 per cent initially. From a big picture, the US 10Yr Treasury Yield has the potential to breach 4.8 per cent and rise to 5 per cent in the coming months.In case the yield declines below 4.6 per cent, the next support in the 4.5-4.45 per cent region can limit the downside.Published on August 8, 2026