Daily Outlook for NASDAQ 100, S&P 500 and Dow Jones Industrial Average

Yesterday the American indices dropped significantly. Dow Jones Industrial Average was the strongest and NASDAQ 100 was the weakest. During the first hours of today’s Asian trading session they fell even more, but then the prices managed to start rising. From the data front, many key reports will be published today. The most important are probably the minutes from the Federal Reserve meeting. They should help to nail down the path of economic recovery and clarify plans of the Fed to maintain loose monetary policy. Anyway, let’s move on to the analysis, S&P 500 first:

S&P 500

The S&P 500 dropped heavily yesterday. It finished the day at the S2 support level. During the first hours of today’s Asian trading session the price went down even more and almost tested the S1, but then it managed to rise. Right now it is slightly above the EMA 200. If the buyers are able to continue generating sufficient demand, the price might even reach the R1 resistance level today. But if the bears take control over the market once more, the price could fall to 3900.

NASDAQ 100

NASDAQ 100 was the weakest one yesterday. The price finished the day significantly below the S2 support level. During the first hours of today’s Asian trading session the price went down even more, but then it managed to rise. Right now it is slightly above the EMA 200. If the buyers are able to continue generating sufficient demand, the price might even reach the R1 resistance level today. But if the bears take control over the market once more, the price could fall below the S1.

Dow Jones Industrial Average

The DJIA index was less weak than the other two yesterday. The price finished the day a little above the S1 support level. During the first hours of today’s Asian trading session the price went down even more, but then it managed to rise. Right now it is getting close to the Pivot Point. If the buyers are able to continue generating sufficient demand, the price might even reach the R1 resistance level today. But if the bears take control over the market once more, the price could fall below the S1.