Yesterday the American indices dropped heavily once again. All three of them finished the session significantly below their S1 support levels. Today they are rising strongly, though. What can they do next? Let’s try to answer that question in an analysis, S&P 500 first:
S&P 500
The S&P 500 dropped heavily yesterday. The price finished the session significantly below the S1 support level, slightly above 4500. However, it is rising today. If the buyers continue generating firm demand, the price might rise above the Pivot Point and 4560. But if the bears counterattack, the price could fall to 4500.
NASDAQ 100
NASDAQ 100 also dropped deeply yesterday. The price finished the session at the S2 support level, below 15900. However, it is rising today. If the buyers continue generating firm demand, the price might rise above the Pivot Point and reach 16100. But if the bears counterattack, the price could go down to 15800.
Dow Jones Industrial Average
The DJIA index went down heavily yesterday as well. The price finished the session significantly below the S1 support level, a little above 34000. However, it is rising today. The price is already above 34200. If the buyers continue generating firm demand, the price might reach 34500 today. But if the bears counterattack, the price could even drop below 34000.
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