Yesterday, the American indices dropped heavily. All three of them finished the session below their S1 support levels. Today, they are going down even more. From the data front, the Philadelphia Fed manufacturing index in August will be published in the US. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped deeply yesterday. The price finished the session significantly below the S1 support level. Today, it is going down even more. Right now the bulls are trying to defend today’s S1. If they do it successfully, the price might even rise to the Pivot Point. But if they fail, the price could fall below 4350.
NASDAQ 100
NASDAQ 100 also dropped significantly yesterday. The price finished the session below the S1 support level. Today, it is going down even more. Right now the bulls are trying to defend today’s S1. If they do it successfully, the price might even rise to the Pivot Point. But if they fail, the price could fall below 14700.
Dow Jones Industrial Average
The DJIA index dropped heavily yesterday as well. The price finished the session significantly below the S1 support level. Today, it is going down even more. It’s already below today’s S1. If the buyers don’t generate some serious appetite soon, the price could fall below 34500 today. But if they do, the price might rise to the Pivot Point.
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