Yesterday all three American indices rose significantly and finished the session above their R1 resistance levels. Today all three of them are still going up. From the data front, manufacturing PMI, markit composite PMI and services PMI in September will be published. Anyway, let’s start the analysis, S&P 500 first:
S&P 500
The S&P 500 rose significantly yesterday. The price finished the session above the R1 resistance level, a little below the EMA 200. Today it is still rising. The price is already above 4410. If the buyers continue generating firm demand, the price might go up above the R1 today. But if the bears counterattack, the price could drop to the Pivot Point.
NASDAQ 100
NASDAQ 100 also rose significantly yesterday. The price finished the session above the R1 resistance level, at the EMA 200. Today it is rising even more. Right now the price is at 15250. If the buyers continue generating firm demand, the price might go up above the R1 and 15300 today. But if the bears counterattack, the price could drop below the EMA 200.
Dow Jones Industrial Average
The DJIA index rose significantly yesterday as well. The price finished the session above the R1 resistance level, at the EMA 200. Today it is rising even more. Right now the price is getting close to the R1 and 34400. If the buyers continue generating firm demand, the price might go up above 34600 today. But if the bears counterattack, the price could drop below the EMA 200.
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