Dow Leads as Tech Weakens and Key Supports Face a Test

The market is showing rotation, not a broad breakdown. The S&P 500 Index stayed positive, and the Dow Jones Industrial Average gained more than 500 points, or 1.03%, while technology carried the selling pressure.

The SPDR S&P 500 ETF Trust is moving sideways after coming down from higher levels. Buyers stepped in near the close during three of the past four sessions, but the short-term structure remains a four-candle bear flag. Support is at $734.01 along the old parallel channel. That level has already produced two bounces, so another test is more vulnerable. There may be lighter support near $730, but a confirmed break would raise the risk of a move toward $710.31.

The Invesco QQQ Trust fell 0.97%, but recovered enough to close above $674.90 with a narrow candle and a solid lower wick. That improves the chance of a bounce, although the larger structure remains weak. A rebound could retrace toward $695.25, which is now resistance. The next major support is $652.13. With the Federal Reserve decision and earnings from Meta Platforms, Microsoft, Apple, and Amazon approaching, prices could move sharply around these levels.

The VanEck Semiconductor ETF dropped 3.45% and recovered from its lows. It confirmed a break below the rising trend line and moved into the longer parallel channel that began near the April 2025 lows. Near term resistance is $544.61, major resistance is $580.09, and support is $508.58.

The 10-Year Treasury yield eased slightly. Support is at 4.543%, while resistance is at 4.715%. This looks more like a pause ahead of the Federal Reserve than a decisive shift.

Apple remains an important destination for money rotating out of weaker semiconductor names. It overtook NVIDIA as the world’s largest company by market value and came close to reaching $5 trillion. The stock is pressing against major resistance near $339, effectively $340. That level may take several attempts to clear. If money begins flowing back into SanDisk and Micron, Apple could see profit taking.

Corning has fallen 57% from the end of June to the session low, while the Relative Strength Index reached 30.67. The stock closed near the high after bouncing from support. Resistance is $150.14. Some sideways trading could come first, followed by an attempt to fill the gap and retest $150.

Bloom Energy rose to $181.50 after earnings. Before the report, the stock had fallen more than 50% since June 25 and was approaching the bottom of its parallel channel. Seagate also moved sharply higher after earnings, which could help SanDisk and Micron. Its next resistance is $850.

SanDisk confirmed a head-and-shoulders breakdown. The neckline now creates resistance at $1,347.33. A daily close back above that level would negate the pattern. The larger measured move points toward roughly $300, although price could bounce along the way. The bottom of the parallel channel at $1,005 is the first major rebound area.

Lumentum also broke below its parallel channel. A deeper move below $500 would create a stronger support test. Bulls need the price to rise back above $678.42 to improve the odds of a move toward $780.

Nebius retested its July 17 low and closed back inside its parallel channel. A stronger bounce setup would have included a test of $155.90, but that did not happen. Minor resistance is $189.77, major resistance sits just below $200, and support is $157.82.

BlackRock is back in a breakout attempt. A higher daily close would confirm the move and target $1,155. If it fails, support remains at $1,047.81.

Coca-Cola helped lift the Dow after earnings and broke above the rising parallel channel that had contained the price since December 2019. The rally reached $90 and then pulled back. Key support is $85.25. Holding that level could allow the stock to form a bull flag and continue higher.

Gold fell 1.33% even as Treasury yields moved lower. Silver declined about 2% and still looks vulnerable to a test of $50, with the possibility of briefly moving below it. The broader accumulation plan still allows for additional buying near $32 or the $30 area.

West Texas Intermediate crude oil broke support and is near the session’s low pivot range. If that fails, the next support is $72.70. Resistance is near $86.47. Natural gas is close to closing below its recent low pivots. Bulls need a break to remain brief. Otherwise, the next support is $2.53.

Bitcoin closed below its parallel channel, but has not fully confirmed the breakdown. Bulls need the price back above $64,508 and must close above it. Continued closes below the channel would keep downside risk active.

The market is holding, but technology remains fragile. SPY must defend $734.01, QQQ must hold $674.90, and Bitcoin must reclaim $64,508. Let support hold, wait for confirmation, and avoid chasing price before the chart proves the move can continue.