Yesterday the American indices dropped heavily. All three of them finished the session below their S2 support levels. However, they are going up today. From the data front, existing home sales in January will be published. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped deeply yesterday. The price finished the session significantly below the S2 support level, at 4370. However, it is rising today. The price is already above 4400 and right now the bulls are attacking the Pivot Point. If they do it successfully, the price might go up above 4430 today. But if they fail, the price could return below 4380.
NASDAQ 100
NASDAQ 100 also dropped heavily yesterday. The price finished the session significantly below the S2 support level, slightly below 14150. However, it is rising today. The price is already above 14280. If the buyers continue generating firm demand, the price might even reach 14400 today. But if the bears counterattack, the price could return below 14150 or even reach 14100.
Dow Jones Industrial Average
The DJIA index dropped deeply yesterday as well. The price finished the session significantly below the S2 support level, a little above 34200. However, it is rising today. The price is already above 34400 and right now the bulls are attacking the Pivot Point. If they do it successfully, the price might go up above 34600 today. But if they fail, the price could fall below 34200.
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