The dollar index and the Treasury Yields on the other hand have risen sharply over the last couple of weeks. High risk aversion on the back of the ongoing US-Iran war is aiding the greenback to climb higher.
Broadly, the equities look weak while the dollar index can gain more sheen in the near term.
Dow Jones (46,558.47)
The outlook is bearish. Immediate resistance is around 47,300. Above that, 48,000-48,300 is the next strong resistance zone.
Immediate support is at 46,450. Any bounce from here can be capped at 47,300 itself. The Dow can break 46,450 and fall to 45,000 in the coming weeks.
The region around 45,000 is an important support. So, the price action around this support will need a close watch to see if a bounce is happening or not.
S&P 500 (6,632.19)
The index is under selling pressure. Immediate support is at 6,600. A corrective bounce from there can take it higher to 6,750 and not more than that.
The index is likely to break the support at 6,600 eventually. Such a break can drag the S&P 500 index down to 6,400 in the coming weeks. The chances are high for the index to bounce back from around 6,400. But it remains to be seen whether that is going be just a corrective rally or trend reversal.
NASDAQ Composite (22,105.36)
The index has been facing strong resistance in the 22,800-23,000 region over the last few weeks. The price action indicates a gradual fall in the index.
Important support is around 21,400 which can be tested in the short term. A bounce from there can provide some relief and take the NASDAQ Composite index higher to 22,500.
But a break below 21,400 can increase the selling pressure. Such a break can then drag the index down to 20,500 and even lower.
Dollar outlook
The dollar index (100.49) has risen well and closed above the psychological 100 mark. The price action over the last two weeks indicates that the upmove is gaining momentum. Supports are at 99.80 and 99.20
A crucial resistance is around 101 which can be tested this week. Failure to breach 101 can trigger a corrective fall to 99.80.
But, looking at the recent price action, chances are high for the dollar index to breach 101 eventually. That in turn will clear the way for a rise to 103-104.
The dollar index will now have to fall below 99 to turn the outlook negative. For this to happen, it has to sustain below 101.
Treasury Yield
The US 10Yr Treasury Yield (4.28 per cent) has risen sharply breaking above the key level of 4.2 per cent. Cluster of supports are there in the 4.23-4.18 per cent region. Resistance is around 4.3 per cent. Failure to breach this hurdle can keep the yield in the range of 4.18-4.3 per cent for some time.
But eventually, the 10Yr Treasury Yield is likely to breach 4.3 per cent. That in turn will trigger a fresh rally to 4.5-4.55 per cent in the coming months.
Published on March 14, 2026