The American indices rose strongly on Friday. All three of them finished the last session of the week above their R1 resistance levels. Today, they are rising even more. From the data front, manufacturing PMI, markit composite PMI and services PMI in August and existing home sales in July will be published. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
Friday was a good bullish session. The S&P 500 rose strongly and finished the last trading day of the week above the R1 resistance level. Today it is rising even more. It’s already above 4450. If the buyers continue generating firm demand, the price might go up above the R1 today. But if the bears counterattack, the price could drop below 4430.
NASDAQ 100
NASDAQ 100 also rose strongly on Friday. The price finished the last session of the week above the R1 resistance level. Today, it is rising even more. If the buyers continue generating firm demand, the price might go up above the R1 today. But if the bears counterattack, the price could drop below 15100.
Dow Jones Industrial Average
The DJIA index rose significantly on Friday as well. The price finished the last session of the week above the R1 resistance level. Today, it is rising even more. If the buyers continue generating firm demand, the price might go up high above the R1 today. But if the bears counterattack, the price could drop to the EMA 200.
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