This week, U.S. equities pushed to fresh record territory, with all three major indices closing at all-time highs on Tuesday. Markets are rallying on optimism that the Federal Reserve will deliver a meaningful rate cut at its September 17th meeting. However, JPMorgan has warned of a possible “sell the news” reaction if the cut fails to meet investor expectations.
At the same time, global headlines have supported sentiment. The $53 billion merger between Anglo American and Teck Resources is reshaping the mining sector, while gold prices have surged to record highs as investors prepare for looser U.S. monetary policy.
Technical Outlook on U.S. Indices
S&P 500 (US500)
The S&P 500 has broken into new highs, grinding higher with steady momentum. Price is holding well above key support at 6,423, with buyers continuing to defend the uptrend. Both RSI and PPO remain constructive, supporting further upside as long as the index holds trendline support.
Nasdaq 100 (US100)
The Nasdaq has also reclaimed highs, moving above 22,894 and testing resistance near 23,600. Momentum indicators remain bullish, though the RSI sits mid-range, suggesting there’s still room to run. A decisive close above resistance could open the door to 24,500.
Dow Jones (US30)
The Dow is consolidating in a rising wedge pattern just below 46,000. Support at 44,999 remains key for the bulls, while a breakout could extend toward 46,500–47,000.
Russell 2000 (US2000)
Small caps are quietly strengthening, now above 2,356 with support at 2,316. The Russell has lagged the large-caps for much of the year, but the recent breakout suggests breadth in the rally is improving—a constructive sign for the broader market.
What This Means for Swing Traders
The slow grind higher across all indices is a positive backdrop for swing long positions. Despite early-week volatility, there’s no sign of a major breakdown in the larger timeframes. As long as trendline support holds, we remain positioned for further upside, continuing to carry a loaded swing-long portfolio.
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