Yesterday was a fantastic bullish session for the American indices. All three of them rose strongly and finished the session above their R2 resistance levels or even higher. Moreover, the S&P 500 and the Dow Jones Industrial Average set their new all-time highs. Today, they are significantly going down, though. From the data front, the JOLTs Job Openings in February will be published. Anyway, let’s start the analysis, S&P 500 first:
Yesterday was a great bullish session for the S&P 500. The price rose above the R2 resistance level and set the new all-time high. Today, it is going down, though. Right now the bulls are trying to defend the Pivot Point. If they do it successfully, the price might bounce and even reach 4080. But if they fail, the price could drop to the S1 support level.
NASDAQ 100 also rose strongly yesterday. The price finished the session above the R4 resistance level, at 13600. However, it is falling slowly today. Right now, the bears are getting close to the Pivot Point. If the bulls don’t generate some serious appetite soon, the price could drop to the S1 support level. But if they do, the price might even rise to 13700.
Dow Jones Industrial Average
The DJIA index went up strongly yesterday as well. The price reached 33500, set the new all-time high, and finished the session above the R2 resistance level. During today’s Asian trading session, it dropped below the Pivot Point, but this morning it started rising. Right now it’s getting close to 33400. If the buyers continue generating firm demand, the price might even reach the R1 today. But if the bears show their strength, the price could fall to the S1 support level.