Market Analysis Summary - February 19, 2026

The article discusses the recent performance of major US stock indices, including the NASDAQ, S&P 500, and Dow Jones, highlighting a slight pullback in the early trading session on Thursday. The analysis is provided by Christopher Lewis, a seasoned trader with over 20 years of experience.

NASDAQ 100 Analysis

The NASDAQ 100 showed some initial rallying but is facing resistance around the 25,000 level. A breakout above this level could lead to a move towards the 50-day Exponential Moving Average (EMA) and potentially to recent highs. Concerns regarding the artificial intelligence sector are noted as a contributing factor to market volatility.

Dow Jones 30 Analysis

The Dow Jones 30 has experienced a slight pullback but is expected to find support around the 49,000 level, which aligns with the 50-day EMA and an uptrend line. A significant breakout would require surpassing the 50,000 level to gain momentum, and the author expresses no interest in shorting this market.

S&P 500 Analysis

The S&P 500 appears to be softening as it consolidates within a 200-point range. The article suggests that a rally towards the 7,000 level could trigger a breakout, with potential targets reaching up to 7,200. The upcoming PCE Price Index report is anticipated as a possible catalyst for market movement.

Conclusion

Overall, the article emphasizes the current market dynamics, with a focus on resistance levels and potential breakout points for the major indices. The analysis reflects a cautious yet optimistic outlook, contingent on upcoming economic data and market catalysts.