Yesterday the American indices dropped heavily. 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 shocking bearish session. After falling heavily all day, the S&P 500 reached 4305 in the evening. However, it managed to rise during the last 90 minutes of yesterday’s session. In consequence, the price finished the day a little below the S2 support level and 4320.
Today, the S&P 500 is rising, though. Right now the bulls are attacking the Pivot Point. If they do it successfully, the price might even go up above 4350. But if they fail, the price could return below 4310 today.
NASDAQ 100
NASDAQ 100 also was very weak yesterday. After falling heavily all day, the price reached 14665 in the evening. However, it managed to rise during the last 90 minutes of yesterday’s session. In consequence, the price finished the day at the S2 support level, slightly above 14720.
Today, the NASDAQ 100 is rising, though. It is already above the Pivot Point and 14800. If the buyers continue generating firm demand, the price might even reach today’s R1 resistance level and 14890. But if the bears counterattack, the price could return below 14700 today.
Dow Jones Industrial Average
The DJIA index showed some real weakness yesterday as well. After falling heavily all day, the price dropped below 33820 in the evening. However, it managed to rise during the last 90 minutes of yesterday’s session. In consequence, the price finished the day at the S2 support level and 33910.
Today, the Dow Jones Industrial Average is rising, though. Right now the bulls are attacking the Pivot Point and 34000. If they do it successfully, the price might go up above 33100. But if they fail, the price could return below 33900 today.
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