Yesterday all three American indices dropped heavily. However, they are rising today. 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 yesterday. The price finished the session a little below the S2 support level, at 4150. However, it is rising today. The price is already above the Pivot Point and 4200. If the buyers continue generating firm demand, the price might reach the R1 resistance level and 4250 today. But if the bears counterattack, the price could even fall below 4150.
NASDAQ 100
NASDAQ 100 also dropped deeply yesterday. The price finished the session significantly below the S2 support level, at 12900. However, it is rising today. The price is already above the Pivot Point and 13100. If the buyers continue generating firm demand, the price might reach 13300 today. But if the bears counterattack, the price could return below 13000.
Dow Jones Industrial Average
The DJIA index dropped heavily yesterday as well. The price finished the session significantly below the S1 support level, slightly above 33100. However, it is rising today. The price is already above the Pivot Point and 33400. If the buyers continue generating firm demand, the price might reach the R1 resistance level and 33700 today. But if the bears counterattack, the price could even fall below 33100.
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