Yesterday the American indices 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 the S&P 500 dropped below the S2 support level and 4180. Then, in the afternoon, the price managed to rise above the S1. However, during the last two hours of the American trading session, it went down once again. In consequence, the price finished the day slightly below 4190.
Today the S&P 500 is rising slowly. Right now the bulls are attacking the EMA 200. If they do it successfully, the price might go up above 4210 and reach today’s R1 resistance level. But if they fail, the price could drop to 4180.
NASDAQ 100
NASDAQ 100 also showed some weaknesses yesterday. First, the price dropped below the S1 support level and 14260. Then, in the late afternoon, it managed to rise above the S1 and 14350. However, during the last two hours of the American trading session, the price went down once again. In consequence, the NASDAQ 100 finished the day, a little below the S1, slightly below 14300.
Today the price is rising a bit. It is already above 14300. If the buyers continue generating sufficient demand, the price might even reach 14400 and today’s R1 resistance level. But if they fail, the price could drop below 14250 and reach today’s S1 support level.
Dow Jones Industrial Average
The DJIA index was really weak yesterday as well. First, the price dropped below the S1 support level and 32800. Then, in the afternoon it managed to rise above the S1. The price even went up above 33000 in the evening. However, during the last 90 minutes of the American trading session, it fell once again. In consequence, the Dow Jones Industrial Average finished the day slightly above the S1 and 32900.
Today the price is rising slowly. If the buyers continue generating sufficient demand, the price might even go up above the EMA 200 and reach today’s R1 resistance level. But if they fail, the price could drop below the Pivot Point and reach 32900.
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