Yesterday all three American indices dropped a bit. NASDAQ 100 was the weakest one, it finished the session below the S1 support level. Today all three of them are falling even more. From the data front, weekly initial jobless claims will be published. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 slightly dropped yesterday. The bears attacked the S1 support level twice, but the bulls managed to rise a bit above that level in the evening. In consequence, the price finished the session near 4510. Today it is falling even more. Right now the bulls are trying to defend the S1. If they do it successfully, the price might rise above the Pivot Point today. But if they fail, the price could go down below 4480.
NASDAQ 100
NASDAQ 100 was the weakest one yesterday. The price dropped significantly and finished the session below the S1 support level. Today it is falling even more. If the buyers don’t generate some serious appetite soon, the price could go down to today’s S1. But if they do, the price might rise above the Pivot Point.
Dow Jones Industrial Average
The DJIA index also dropped a bit yesterday. The bears attacked the S1 support level twice, but the bulls successfully defended that level and finished the session at 35000. Today the price is falling even more. Right now the bulls are trying to defend the S1. If they do it successfully, the price might rise above the Pivot Point today. But if they fail, the price could go down below 34700.
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