US Market Outlook: Support to give a relief

The US stock markets experienced a tumultuous week, with the Dow Jones Industrial Average, S&P 500, and NASDAQ Composite index all suffering losses. The Dow Jones dropped 0.94%, the S&P 500 and NASDAQ Composite fell 2.68% and 3.37%, respectively, resulting in a predominantly negative sentiment. However, there are key support levels on the charts, suggesting potential recovery after further declines.

The Dow Jones may fall to 50,700 or 50,400, while the S&P 500 and NASDAQ Composite could see bounces back to 51,500 and 7,450-7,500, respectively. The next strong support zone is at 50,400-49,800, which could halt the current trend. The S&P 500's break above the 7,600-7,620 resistance zone was short-lived, but it still has a chance to climb to 7,450-7,500.

The NASDAQ Composite, which hit a low of 24,262, has shown slight recovery and may see support at 24,350, followed by 24,100-24,000. If it breaks below 24,000, a fall to 23,000 could occur. The dollar index, currently at 102.28, remains bullish, with immediate support at 102 and potential growth to 103-103.50. The 10Yr Treasury Yield, at 4.83%, has been holding steady above 4.8%, indicating a favorable outlook as long as it stays above that level.