Yesterday the American indices performed differently. The S&P 500 and the Dow Jones Industrial Average managed to rise, but the NASDAQ 100 went down. Today all three of them are rising slowly, though. What can they do next? Let’s try to answer that question in an analysis, S&P 500 first:
S&P 500
Yesterday was a really interesting session. First, during the Asian trading session, the S&P 500 dropped below the Pivot Point and 4420. Then, at the beginning of the European trading session, the price started rising. It even went up above 4430 in the early afternoon. Right after that, the price started falling. It even reached 4410 at the beginning of the American trading session. Then the price started rising once again. It returned above 4430 in the late afternoon. However, in the early evening, it went down below 4420 and the Pivot Point. During the last three hours of the American trading session, the price managed to rise for the third time, though. In consequence, the S&P 500 finished the day at 4435.
Today, the price is rising slowly. The volatility is rather low, though. If the buyers continue generating sufficient demand, the price might go up above 4440 and reach today’s R1 resistance level. But if the bears counterattack, the price could drop below 4430 and reach the Pivot Point.
NASDAQ 100
NASDAQ 100 also was really volatile yesterday. First, during the Asian trading session, the price dropped below 15120. Then, at the beginning of the European trading session, it started rising. The price even reached 15200 in the early afternoon. Right after that, it started falling. The price even dropped below the S1 support level and 15030 at the beginning of the American trading session. Then it started rising once again. The price went up above 15130 in the late afternoon. Right after that, it started going down one more time. The price even returned below the S1 and 15040 in the evening. However, during the last three hours of the American trading session, it managed to rise for the third time. In consequence, the NASDAQ 100 finished the day slightly above 15100.
Today, the price is still rising. If the buyers continue generating firm demand, the price might even reach 15180. But if the bears counterattack, the price could drop below the Pivot Point and 15100 and reach the EMA 200.
Dow Jones Industrial Average
The DJIA index was really volatile yesterday as well. First, during the Asian trading session, the price dropped below 34100. Then, at the beginning of the European trading session, it started rising. The price even went up above 34250 in the early afternoon. Right after that, it started falling. The price even reached 34050 at the beginning of the American trading session. Then it started rising strongly. The price went up above the R2 resistance level and 34380 in the late afternoon. Right after that, it started going down once again. In consequence, the Dow Jones Industrial Average finished the day below the R2, a little above 34320.
Today, the price is rising slowly. The volatility is rather low, though. If the buyers continue generating sufficient demand, the price might reach 34400 today. But if the bears counterattack, the price could drop below 34300.
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