Yesterday the American indices dropped significantly. 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 bearish session. First, after falling heavily for many hours, the S&P 500 dropped below the S1 support level and reached 4740 in the evening. However, during the last 60 minutes of the American trading session, it managed to rise a bit. In consequence, the price finished the day slightly below 4750.
Today the S&P 500 is rising even more. If the buyers continue generating sufficient demand, the price might go up above the Pivot Point and even reach 4770 today. But if the bears counterattack, the price could drop to 4740.
NASDAQ 100
NASDAQ 100 also was really weak yesterday. First, after falling heavily for many hours, the price dropped below the S1 support level and 16530. However, during the last 60 minutes of the American trading session, it managed to rise a bit. In consequence, the price finished the session slightly below the S1, a little above 16540.
During today’s Asian trading session, the NASDAQ 100 managed to rise above 16580. Then, it started falling slowly. If the buyers don’t generate some serious appetite soon, the price could even drop to 16500 today. But if they do, the price might go up above the Pivot Point and even reach 16650.
Dow Jones Industrial Average
The DJIA index was the weakest one yesterday. First, after falling heavily for many hours, the price dropped below the S1 support level and 37670. However, during the last 60 minutes of the American trading session, it managed to rise a bit. In consequence, the price finished the session a little below 37720.
Today the Dow Jones Industrial Average is rising even more. It is already above 37760. If the buyers continue generating sufficient demand, the price might go up above the Pivot Point and even reach 37850 today. But if the bears counterattack, the price could drop below 37700.
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