Yesterday all three American indices went down and finished the session below their S1 support levels. Today all three of them opened significantly lower, but they have been rising a bit since then. From the data front, the CB consumer confidence in February will be published. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 went down significantly yesterday. The price finished the session below the S1 support level, at 4290. Today it opened 30 pips lower, but the price has been rising since then. Right now it is getting close to 4290. If the buyers continue generating firm demand, the price might go up above the Pivot Point and 4320 today. But if the bears counterattack, the price could drop below today’s S1 and 4250.
NASDAQ 100
NASDAQ 100 also dropped significantly yesterday. The price finished the session below the S1 support level. Today it opened 120 pips lower, but the price has been rising since then. If the buyers continue generating firm demand, the price might go up above the Pivot Point and reach 13900 today. But if the bears counterattack, the price could fall below today’s S1.
Dow Jones Industrial Average
The DJIA index dropped significantly yesterday as well. The price finished the session below the S1 support level, at 33700. Today it opened 200 pips lower, but the price has been rising since then. If the buyers continue generating firm demand, the price might go up above the Pivot Point and 33900 today. But if the bears counterattack, the price could fall below today’s S1 and 33400.
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