Yesterday, the American indices dropped heavily. The S&P 500 and the Dow Jones Industrial Average finished the session below their S2 support levels and the NASDAQ 100 ended the day slightly above that level. Today, all three of them are going down even more. From the data front, the Philadelphia Fed manufacturing index in June and weekly initial jobless claims will be published. Anyway, let’s start the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped heavily yesterday. The price finished the session below the S2 support level. Today, it is going down even more. The price is already below 4200 and the bears are trying to beat the S1. If they do it successfully, the price could reach 4180 today. But if the buyers show some serious appetite, the price might rise to the Pivot Point.
NASDAQ 100
NASDAQ 100 also dropped deeply yesterday. The price finished the session slightly above the S2 support level. Today, it is going down even more. The price is already below 13900. If the buyers don’t generate some serious appetite soon, the price could fall to 13800. But if they do, the price might rise above the Pivot Point.
Dow Jones Industrial Average
The DJIA index dropped heavily yesterday as well. The price finished the session below the S2 support level. Today, it is going down even more. The price is already below today’s S1. If the buyers don’t generate some serious appetite soon, the price could even fall to 33500. But if they do, the price might reach the Pivot Point.
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