On Friday 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
The S&P 500 dropped heavily on Friday. The price finished the last session of the week at the S1 support level, slightly below 4110. However, it is rising strongly today. The price is already above the Pivot Point and 4130. If the buyers continue generating firm demand, the price might go up above 4150 today. But if the bears counterattack, the price could fall to the EMA 200.
NASDAQ 100
NASDAQ 100 also dropped heavily on Friday. The price finished the last session of the week below the S1 support level, at 12550. However, it is rising strongly today. The price is already above 12650. If the buyers continue generating firm demand, the price might even reach 12800 today. But if the bears counterattack, the price could fall to the EMA 200.
Dow Jones Industrial Average
The DJIA index dropped significantly on Friday as well. The price finished the last session of the week below the EMA 200 and 32900. However, it is rising strongly today. The price is already above the Pivot Point and 33050. If the buyers continue generating firm demand, the price might even go up above the R1 resistance level and reach 33200 today. But if the bears counterattack, the price could return below the Pivot Point and 33000.
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