Yesterday, the American indices dropped significantly once more. S&P 500 and NASDAQ 100 finished the session below their S1 support levels and the Dow Jones Industrial Average went down even more and ended the day below the S2. Today, all three of them are still falling, but slowly. From the data front, all eyes will be on the nonfarm payrolls February release, so the volatility in the afternoon should be very high. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped significantly yesterday. The price finished the session below the S1 support level. Today, it is still slightly going down. If the buyers don’t generate some serious appetite pretty soon, the price could fall below 3720. But if they do, the price might rise above the Pivot Point.
NASDAQ 100
NASDAQ 100 also dropped yesterday. The price finished the session below the S1 support level and 12500. Today, it is still going down, but only a little. If the buyers don’t generate some serious appetite pretty soon, the price could fall below 12300 today. But if they do, the price might rise above the Pivot Point.
Dow Jones Industrial Average
The DJIA index was the weakest one yesterday. First the price managed to rise above the Pivot Point and the EMA 200. Then, in the afternoon, it dropped heavily. The price finished the day below the S2 support level. Today, it is still slightly going down. If the buyers don’t generate some serious appetite pretty soon, the price could fall below 30500 today. But if they do, the price might rise above the Pivot Point.
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