Trump extends ceasefire; Nasdaq hits record, S&P risks double top

On April 22, 2026, President Trump announced a short-term extension of the US-Iran ceasefire, prompting a rally in U.S. equity markets. The Nasdaq Composite reached a fresh all-time high, the S&P 500 remained exposed to a potential double-top formation, and the Dow Jones Industrial Average traded below the 50,000 mark.

The president did not give a timeline for the extension. Reports that talks with an Iranian delegation could occur by Friday encouraged investors to buy after a sharp correction the previous day, when concerns about the truce and a hawkish Senate hearing for incoming Fed chair Kevin Warsh weighed on sentiment.

Technology stocks led gains and pushed the Nasdaq above prior highs. Intraday resistance clustered around 26,600 to 26,750, with a recent peak near 26,736. The index moved toward the 27,000 area while short-term momentum indicators reached overbought readings. Technical risk would rise if the Nasdaq fell below its two-hour 50-period moving average near 26,580.

The S&P 500 advanced but still showed signs of a double-top. Daily highs near 7,138 were identified as a level that must be exceeded to undo the pattern, with additional resistance around 7,150 and 7,200. Intraday support sat near 7,100, with lower pivots in the 7,000 to 6,700 range.

The Dow rose slowly without strong conviction, trading under resistance around 49,500 to 49,600. A sustained move above 49,600 would set up a test of 50,000 and the all-time peak near 50,544. Immediate support included the two-hour 50-period moving average at roughly 49,300 and a pivot zone around 49,000 to 49,200; deeper momentum support was near 48,500 and 48,000.

Market breadth showed sector divergence, with the largest technology names outperforming other stocks. The tech-led rally extended into digital assets, with Bitcoin climbing toward the $80,000 area. Volatility remained elevated as traders awaited confirmation of possible diplomatic meetings and further details on the ceasefire extension. Oil prices and any new developments in US-Iran negotiations were cited as additional market drivers.

Technical levels and market analysis were provided by Elior Manier of OANDA, who wrote that short-term leadership remains with technology and that the S&P 500 needs to clear key resistance to dismiss the double-top threat.