Yesterday, the American indices performed differently. NASDAQ 100 was the strongest and finished the day above the R1 resistance level. S&P 500 also went up a bit. On the other hand, the Dow Jones Industrial Average showed mixed sentiment. Today, the DJIA and S&P 500 are rising and NASDAQ 100 is showing mixed sentiment, though. From the data front, the initial jobless claims in the US will be published today. Anyway, let’s move on to the analysis, S&P 500 first:
During the European trading session, the S&P 500 dropped below the EMA 200. However, in the afternoon the price rose strongly and even tested the R1 resistance level. In the end, it finished the day slightly below it. Today the price is rising even more. If the buyers continue generating firm demand, the price might test the R1 today. But if the bears counterattack, the price could drop to the Pivot Point.
NASDAQ 100 was even stronger yesterday. During European trading session the price dropped below the Pivot Point, but in the afternoon it rose strongly and finished the day above the R1 resistance level. However, during today’s Asian trading session it went down a bit. This morning it is rising again though, and if the buyers are able to generate firm demand for the rest of the day, the price might test the R1. But if the bears counterattack, the price could even drop to the S1 support level.
Dow Jones Industrial Average
The DJIA index was definitely weaker yesterday and showed mixed sentiment. The price didn’t really change from the beginning to the end of a day. However, it is rising significantly today. Right now the bulls are attacking the R1 resistance level. If they do it successfully, the price might even reach 31150 and set the new all-time high today. But if the bears counterattack, the price could drop to the EMA 200.