On Friday the American indices went down significantly once more. All three of them finished the last session of the week below their S1 support levels. Today, they are slowly rising, though. From the data front, manufacturing PMI, markit composite PMI and services PMI – all in January, will be published. Anyway, let’s start the analysis, S&P 500 first:
S&P 500
On Friday, the S&P 500 dropped significantly once again. The price finished the last session of the week slightly below the S1 support level and 4390. However, it is rising today. The price is already above 4410 and it is attacking the Pivot Point. If the bulls do it successfully, the price might even reach the R1 resistance level and 4450. But if they fail, the price could return to 4390.
NASDAQ 100
NASDAQ 100 also dropped significantly on Friday. The price finished the last session of the week slightly below the S1 support level. However, it is rising today. Right now, the bulls are attacking the Pivot Point. If they do it successfully, the price might even reach the R1 resistance level and 14700. But if they fail, the price could go down below 4430.
Dow Jones Industrial Average
The DJIA index dropped significantly on Friday as well. The price finished the last session of the week a little below the S1 support level. However, it is rising today. The price is already above the Pivot Point. If the buyers continue generating firm demand, the price might rise above the R1 resistance level and reach 34600. But if they fail, the price could go down to 34100.
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