On Friday the American indices showed mixed sentiment. Today all three of them are falling, though. What can they do next? Let’s try to answer that question in an analysis, S&P 500 first:
S&P 500
Friday was a really interesting session. First, the S&P 500 dropped below 4705 and the S2 support level. Then, at the beginning of the American trading session, the price started rising. Two hours later, it even went up above the R1 resistance level and reached 4760. After that, the price started falling once again. In consequence, the S&P 500 finished the last session of the week at 4735.
During the first hours of today’s Asian trading session, the price managed to rise above 4740. Then, it started falling. Right now the bulls are trying to defend the Pivot Point. If they do it successfully, the price might bounce and even reach 4750 today. But if they fail, the price could drop below 4720.
NASDAQ 100
NASDAQ 100 also was really volatile on Friday. First, the price dropped below the S2 support level and 16340. Then, at the beginning of the American trading session, it started rising. Two hours later, the price even went up above the R1 resistance level and 16570. After that, it started falling once again. In consequence, the NASDAQ 100 finished the last session of the week a little above 16460.
During the first hours of today’s Asian trading session, the price reached 16500. Then, it started falling. The price is already below 16430. If the buyers don’t generate some serious appetite soon, the price could even drop below 16350 and reach today’s S1. But if they do, the price might rise above 16500 today.
Dow Jones Industrial Average
The DJIA index was really volatile on Friday as well. First, the price dropped below the S2 support level and reached 37500. Then, at the beginning of the American trading session, it started rising. Two hours later, the price even went up above the EMA 200 and reached 37880. After that, it started falling once again. In consequence, the Dow Jones Industrial Average finished the last session of the week at 37720.
Today, the price is falling even more. It is already below 37600. If the buyers don’t generate some serious appetite soon, the price could even drop below 37530 and reach today’s S1. But if they do, the price might reach 37700 and the Pivot Point today.
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