Yesterday, the American indices once again performed differently. The S&P 500 and NASDAQ 100 dropped deeply and finished the day below their S2 support levels. However, the Dow Jones Industrial Average showed mixed sentiment. Today, all three American indices are rising. From the data front, the ADP Nonfarm Employment Change and the Non-Manufacturing PMI in April will be published today. Anyway, let’s start the analysis, S&P 500 first:
The S&P 500 dropped heavily yesterday. The bears even tested the S4 support level, but the price managed to go up a bit in the late afternoon and it finished the day significantly below the S2. However, the price is rising today. If the buyers continue generating firm demand, the price might reach the R1 resistance level today. But if the bears counterattack, the price could even fall to the S1.
NASDAQ 100 also dropped heavily yesterday. The price finished the session slightly above the S3 support level. Today, the price is rising a bit, though. Right now it is attacking the Pivot Point. If the bulls do it successfully, the price might even rise to the R1 resistance level today. But if the bears counterattack, the price could fall below 13400.
Dow Jones Industrial Average
The DJIA index was definitely the strongest one yesterday. The price showed mixed sentiment. First it dropped and tested the S2 support level. Then, in the afternoon, it rose and finished the day above the Pivot Point. Moreover, the price is rising strongly today. If the buyers continue generating firm demand, the price might set the new all-time high and rise above 34250. But if the bears counterattack, the price could even drop to the EMA 200.