Yesterday, the American indices performed differently. The S&P 500 and NASDAQ 100 went up strongly, but the Dow Jones Industrial Average showed mixed sentiment. Today the situation looks the same – S&P 500 and NASDAQ 100 are rising and the DJIA index is much weaker. From the data front, manufacturing PMI in March and weekly initial jobless claims will be published today in the US. Anyway, let’s move on to the analysis, S&P 500 first:
The S&P 500 rose significantly yesterday. The price finished the day at the R1 resistance level and set the new all-time high. Today it is still rising. If the buyers continue generating firm demand, the price might even test psychological 4000 today. But if the bears counterattack, the price could drop below the Pivot Point.
NASDAQ 100 was definitely the strongest one yesterday. The price rose significantly and finished the day at the R2 resistance level. Today it is rising even more. If the buyers continue generating firm demand, the price might reach the R1 today. But if the bears counterattack, the price could drop below the Pivot Point
Dow Jones Industrial Average
The DJIA index was much weaker yesterday. The price only showed mixed sentiment. During today’s Asian trading session, the bears tested the EMA 200, but the price managed to bounce. If they continue generating sufficient demand, the price might finally go up and even reach the R2 resistance level today. But if the bears attack once more, the price could drop to the S2 support level.