Yesterday the American indices performed differently. The S&P 500 and the NASDAQ 100 managed to rise, but the Dow Jones Industrial Average went down. 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 really interesting session. First, the S&P 500 managed to rise above the Pivot Point and 4890. Then, at the beginning of the American trading session, the price started falling. Three hours later it even dropped below 4775. After that, the price started rising significantly. In consequence, the S&P 500 finished the session above the R1 resistance level, at 4900.
Today, the price is rising even more. Right now the bulls are attacking today’s R1. If they do it successfully, the price might go up above 4920 and even reach today’s R2. But if they fail, the price could drop below 4900 today.
NASDAQ 100
NASDAQ 100 also was pretty volatile yesterday. First, during the Asian trading session, the price reached 17420. Then, at the beginning of the European trading session, it started rising. The price even went up above the Pivot Point and 17520 at the beginning of the American trading session. After that, it started falling. 60 minutes later, the price even dropped below 17410. Right after that, it started rising significantly. In consequence, the NASDAQ 100 finished the session a little above 17550, at the R1 resistance level.
Today, the price is rising even more. It is already above today’s R1 and 17630. If the buyers continue generating firm demand, the price might even go up above today’s R2 and reach 17690. But if the bears counterattack, the price could drop to 17550.
Dow Jones Industrial Average
The DJIA index was really volatile yesterday as well. First, during the Asian trading session, the price managed to rise above the Pivot Point and 38200. Then, at the beginning of the European trading session, it started falling significantly. The price even dropped below the S1 support level and 37980 in the afternoon. After that, it started rising once again. In consequence, the Dow Jones Industrial Average finished the session at 38100.
Today, the price is rising slowly. If the buyers continue generating sufficient demand, the price might even go up above 38200 and reach today’s R1 resistance level. But if the bears counterattack, the price could drop below the Pivot Point and 38050.
SSL Secured