Yesterday the American indices dropped deeply. Today all three of them are rising, 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 managed to rise above 4820. Then, in the morning, the price started falling. It even dropped below the Pivot Point and 4810 at the beginning of the American trading session. After that, the price started rising once again. It even reached 4830 in the late afternoon.
Right after that, the price started falling deeply. It even dropped below the S2 support level and 4745 in the evening. However, during the last 45 minutes of the American trading session, the price managed to rise a bit. In consequence, the S&P 500 finished the day slightly above 4750.
Today, the price is rising. It is already above 4770. If the buyers continue generating firm demand, the price might go up above the EMA 200 and even reach 4790 today. But if the bears counterattack, the price could return below 4750.
NASDAQ 100
NASDAQ 100 also was really volatile yesterday. First, during the Asian trading session, the price managed to rise above 17040. Then, in the morning, it started falling. The price even dropped below the Pivot Point and 16670 two hours after the start of the European trading session. After that, it started rising once again.
The price even went up above 17070 and reached the R1 resistance level at the beginning of the American trading session. Right after that, it started falling deeply. The price even dropped below the EMA 200 and 16760 in the evening. However, during the last 45 minutes of the American trading session, it managed to rise a bit. In consequence, the NASDAQ 100 finished the day slightly below 16800.
Today, the price is rising. Right now the bulls are attacking the Pivot Point. If they do it successfully, the price might reach 16950 today. But if they fail, the price could return below 16800.
Dow Jones Industrial Average
The DJIA index was really volatile yesterday as well. First, during the Asian trading session, the price managed to rise above 37940. Then, in the morning, it started falling. The price even dropped below the Pivot Point and 37830 at the beginning of the American trading session. After that, it started rising once again.
The price even went up above 38010 in the late afternoon. Right after that, it started falling deeply. The price even dropped below the S2 support level and 37390 in the evening. However, during the last 45 minutes of the American trading session, it managed to rise a bit. In consequence, the Dow Jones Industrial Average finished the day a little above 37470.
Today, the price is rising. It is already above 37590. If the buyers continue generating firm demand, the price might go up above the Pivot Point and even reach 37700 today. But if the bears counterattack, the price could return below 37500.
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