Yesterday was another good bullish session for the American indices. All three of them rose significantly and finished the day above their R1 resistance levels. Today all three indices are going down a bit, though. From the data front, new home sales in August will be published. Anyway, let’s start the analysis, S&P 500 first:
S&P 500
Yesterday was the second good bullish session in a row. The S&P 500 rose significantly and finished the session above the R1 resistance level, near 4440. Today the price is going down a bit, though. Right now the bulls are trying to return above the Pivot Point. If they do it successfully, the price might rise above 4460 today. But if they fail, the price could drop below the S1 support level and 4400.
NASDAQ 100
NASDAQ 100 also rose significantly yesterday. The price finished the session slightly above the R1 resistance level, near 15300. Today it is going down a bit, though. Right now the bulls are trying to defend the EMA 200. If they do it successfully, the price might rise above 15300 today. But if they fail, the price could drop below the S1 support level.
Dow Jones Industrial Average
The DJIA index was the strongest one yesterday. The price finished the session slightly below the R2 resistance level. Today it is going down a bit, though. Right now the price is getting close to the Pivot Point. If the bulls don’t generate some serious appetite there, the price could drop to the S1 support level today. But if they do, the price might rise above 34800.
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