Nasdaq, Dow and S&P 500 Stay Resilient as Rates Remain High

• Nasdaq 100 traded at 29,379 just above its 50-day EMA with resistance at 30,000 and support at 28,500, showing resilience despite high rates
• Dow Jones 30 held above the critical 53,000 support level with its 50-day EMA approaching that zone, facing resistance at 54,000
• S&P 500 maintained a bullish chart pattern above 7,500 breakout zone despite Kevin Warsh's comments ruling out near-term rate cuts, demonstrating market strength in face of sustained high rates

Market Summary: U.S. Equities Maintain Resilience Amid Elevated Interest Rates

Key Market Performance (August 31, 2026)

U.S. major indices showed slight weakness in pre-market trading but demonstrated resilience despite persistently high interest rates:

• S&P 500: Trading at 7,698 (-0.44%), holding above the 50-day EMA and the 7,500 breakout level
• Nasdaq 100: At 29,379 (-0.20%), bouncing from the 50-day EMA with resistance at 30,000 and support at 28,500
• Dow Jones 30: Trading at 53,375 (-0.63%), maintaining position above the 50-day EMA and critical 53,000 support level

Market Drivers

Recent positive momentum received support from Nvidia earnings, which boosted sentiment earlier in the week. However, Kevin Warsh signaled on Friday that interest rate cuts remain unlikely in the near term, though he noted the U.S. economy's continued strength.

Technical Outlook

All three indices maintain bullish technical structures despite elevated rates. The S&P 500 chart appears to be "working off excess froth" rather than showing deterioration. Month-end position squaring may introduce additional volatility.

Market Implications

The markets' ability to sustain current levels without anticipated rate cuts demonstrates underlying strength. Analysts view this resilience positively, suggesting equities can withstand higher-for-longer interest rate environments. Key support levels at 28,500 (Nasdaq), 53,000 (Dow), and 7,500 (S&P 500) will be critical for maintaining bullish momentum. Resistance levels include 30,000 (Nasdaq) and 54,000 (Dow).

The divergence between rate expectations and market performance indicates traders are pricing in economic strength over monetary policy accommodation.