Daily Outlook for NASDAQ 100, S&P 500 and Dow Jones Industrial Average
Yesterday was a shocking session for the American indices. NASDAQ 100 dropped below the S2 and the other two indices finished the session at their S3 support levels. Today, all three of them are rising, though. From the data front, pending home sales in August will be published. Anyway, let’s start the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped heavily yesterday. The price finished the session at the S3 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 4400 and reach the EMA 200 today. But if the bears show their strength once again and counterattack, the price could return below 4350.
NASDAQ 100
NASDAQ 100 also dropped deeply yesterday. The price went down significantly below the S2 support level and finished the session slightly above 14750. However, it is rising today. The price is already above the Pivot Point. If the buyers continue generating firm demand, the price might reach the R1 resistance level today. But if the bears counterattack, the price could return below 14800.
Dow Jones Industrial Average
The DJIA index dropped heavily yesterday as well. The price finished the session at the S3 support level. However, it is rising today. Right now the price is getting close to the Pivot Point. If the buyers continue generating firm demand, the price might rise above the EMA 200 today. But if the bears counterattack, the price could return below 34200.
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