Both the Dow Jones and S&P 500 have yet to break their yesterday highs and it will be interesting to see if they manage to do so towards the daily close or next week.
In addition to the PBoC (China's Central Bank) which releases its own rate decision (major support to the economy is expected, traditionally positive for equities), Markets will assist to many FED Members' speeches as the Blackout period is now over, and it will be very interesting to see what they have to offer.
Miran is officially the most dovish member with FED Governors Waller and Bowman conceding their seat – Have a look at the busy Sunday to Monday speaker calendar
(Check out more on what's to come with our Week Ahead piece, coming up very soon).
Central bank speakers on Monday, Marketpulse Economic Calendar.
Markets might be overlooking the more balanced-approach from Powell to the future rate cut outlook, as every-optimistic mood keeps pushing equities higher.
The Dot Plot did signal some extra 50 bps of easing throughout the end of the year, but the cut wasn't such a dovish one when looking at the details of what Powell said – For now, the US Dollar is the one coming back higher from the decision.
Daily US Equity Heatmap – September 19, 2025 – Source: TradingView
The picture is not as impressive as yesterday, but Bulls will always enjoy strong performance from names such as Apple, Oracle and Tesla.
A Daily outlook for S&P 500, Nasdaq and Dow Jones before taking a closer look
Daily Chart Outlook for US Equities – September 19, 2025 – Source: TradingView
Let's take a look at intraday charts and levels for the S&P 500, Nasdaq and Dow Jones.
Technical outlook and levels for the 3 Main US Indices
All three indices are in a seemingly unstoppable move since the beginning of September. Let's try to look at the extent of the moves and potential levels of interest for each index as price discovery continues.
S&P 500 4H chart and levels
S&P 500 2H Chart , September 19, 2025 – Source: TradingView
Watch the middle of the upward channel that will need to be broken to the upside to maintain a more bullish intermediate outlook
Similar as the Dow Jones, the price action looks a bit hesitant at the highs despite a very decent week.
S&P 500 Trading Levels:
Resistance Levels
- Daily highs 6,669 (new ATH)
- Higher timeframe potential resistance between 6,650 and 6,700 level (1.618 from April lows, currently testing)
- 6,700 psychological level
Support Levels
- FOMC lows 6,562 and MA 50
- 6,490 to 6,512 pivot
- 6,400 Main Support
- 6,210 to 6,235 Main Support (August NFP Lows)
