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

Yesterday, the American indices dropped a bit. All three of them went down below their S1 support levels first, but then they managed to rise in the late afternoon and finished the day slightly below their Pivot Points. During the first hours of today’s Asian trading session the prices dropped significantly, but then they started going up. From the data front many important publications will be released, such as manufacturing PMI, markit composite PMI, services PMI in February and existing home sales in January, all in the US of course. Anyway, let’s start the analysis, S&P 500 first:

S&P 500

Yesterday wasn’t the best session for the S&P 500. First the price tested the S2 support level, but in the late afternoon it managed to rise above the S1. During the first hours of today’s Asian trading session it dropped once more, but after that it started going up. Right now the price is testing the Pivot Point. If the buyers continue generating sufficient demand, the price might rise above the EMA 200. However, if the bears take control over the market again, the price could fall to the S1.

NASDAQ 100

NASDAQ 100 also wasn’t very strong yesterday. First the price dropped below the S1 support level, but in the late afternoon it managed to rise close to the Pivot Point. During the first hours of today’s Asian trading session it dropped once more, but after that it started going up. If the buyers continue generating sufficient demand, the price might rise above the EMA 200. However, if the bears take control over the market again, the price could fall to the S1.

Dow Jones Industrial Average

The DJIA index showed some weakness yesterday as well. First the price dropped below the S1 support level, but in the late afternoon it managed to rise close to the Pivot Point and finished the session at the EMA 200. During the first hours of today’s Asian trading session it dropped once more, but after that it started going up. If the buyers continue generating sufficient demand, the price might rise above the EMA 200 and the Pivot Point. However, if the bears take control over the market again, the price could fall to the S1.