Yesterday was another totally bearish session for the American indices. All three of them dropped heavily. S&P 500 and NASDAQ 100 finished the day below their S2 support levels, the Dow Jones Industrial Average “only” dropped to the S1. During the first hours of today’s Asian trading session, the prices continued going down, but after that they started rising. From the data front, the weekly initial jobless claims will be published. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
Yesterday wasn’t the best session for the S&P 500. The price dropped significantly below the S2 support level. Today, during the first hours of the Asian trading session, it went down to the S1, but after that the price bounced. Now it is rising strongly. If the buyers continue generating firm demand, the price might rise above the Pivot Point today. But if they don’t, the price could drop below the S1.
NASDAQ 100
NASDAQ 100 also dropped heavily yesterday. The price finished the day significantly below the S2 support level. Today, during the first hours of the Asian trading session, it went down even more, but after that the price started going up. Now it is still rising strongly. If the buyers continue generating firm demand, the price might rise above the Pivot Point today. But if they don’t, the price could drop below the S1 and 12500.
Dow Jones Industrial Average
The DJIA index dropped yesterday as well, but not as much as the other two. The price finished the day a little below the S1 support level. Today, during the first hours of the Asian trading session, it went down significantly below the S1, but after that the price started going up. Now it is still rising strongly. If the buyers continue generating firm demand, the price might reach the EMA 200 today. But if they don’t, the price could drop to the S2, below 31000.
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