Yesterday the American indices dropped significantly. All three of them finished the session below their S1 support levels, NASDAQ 100 even went down below the S2. Today, the American indices 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
The S&P 500 dropped deeply yesterday. The price finished the session a little above the S2 support level, at 4470. Today, the price is rising significantly, though. If the buyers continue generating firm demand, the price might rise above the R1 resistance level and 4490 today. But if the bears counterattack, the price could fall to the EMA 200.
NASDAQ 100
NASDAQ 100 also dropped heavily yesterday. The price finished the session below the S2 support level. However, it is rising today. If the buyers continue generating firm demand, the price might rise high above the R1 resistance level and reach 15400. But if the bears counterattack, the price could fall to the EMA 200.
Dow Jones Industrial Average
The DJIA index dropped deeply yesterday as well. The price finished the session significantly below the S1 support level. However, it is rising today. It’s already above the Pivot Point and the EMA 200. If the buyers continue generating firm demand, the price might reach the R1 resistance level. But if the bears counterattack, the price could return below the EMA 200.
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