Yesterday, the American indices dropped a bit. However, the volatility was really low and they managed to stay above their Pivot Points. Moreover, all three of them are rising today. From the data front, building permits in April will be published today. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped a bit yesterday. However, the bulls successfully defended the Pivot Point and the EMA 200. In consequence, the price finished the session above 4160. Moreover, it is rising today. Right now the bulls are getting close to the R1 resistance level. If they beat that level, the price might even reach 4200 today. But if they fail, the price could drop below the Pivot Point.
NASDAQ 100
NASDAQ 100 also dropped yesterday. However, the bulls managed to return above the EMA 200 and the Pivot Point in the evening. Moreover, the price is rising today. It’s already above 13400. If the buyers continue generating firm demand, the price might rise above the R1 resistance level today. But if the bears counterattack, the price could drop to the Pivot Point.
Dow Jones Industrial Average
The DJIA index dropped a little yesterday. The bulls successfully defended the Pivot Point and the EMA 200. Moreover, the price is rising a bit today. Right now the bulls are getting close to the R1 resistance level. If they beat that level, the price might even reach 34500 today. But if they fail, the price could drop below the Pivot Point.
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