On Friday the American indices dropped heavily. Today, they are going down even more. 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 deeply on Friday. The price finished the last session of the week significantly below the S1 support level, near 4420. Furthermore, after the weekend the price opened 10 pips lower and it has been going down since then. Right now the bulls are trying to defend today’s S2. If they do it successfully, the price might return above 4400 and the S1. But if they fail, the price could even fall to 4360.
NASDAQ 100
NASDAQ 100 was the weakest one on Friday. The price dropped heavily and finished the last session of the week slightly above the S2 support level. Today, it is going down even more. The price is already below today’s S1. If the buyers don’t generate some serious appetite soon, the price could fall to 15150 today. But if they do, the price might reach 15300.
Dow Jones Industrial Average
The DJIA index also went down on Friday. The price finished the session a little above the S1 support level. Furthermore, after the weekend the price opened 65 pips lower and it has been going down since then. Right now the bulls are trying to defend 34000. If they do it successfully, the price might return above today’s S2. But if they fail, the price could even fall to 33800.
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