Yesterday, the American indices dropped heavily. S&P 500 and NASDAQ 100 finished the session below their S2 support levels and Dow Jones Industrial Average went down below the S1. This morning all three of them are rising, though. What can they do next? Let’s try to answer that question in an analysis, S&P 500 first:
S&P 500
The S&P 500 dropped heavily yesterday. The price finished the session slightly below the S2 support level. However, it started rising this morning. If the buyers continue generating sufficient demand, the price might reach the EMA 200 today. But if they don’t, the price could fall below 3900.
NASDAQ 100
NASDAQ 100 looked exactly like the S&P 500 yesterday. The price dropped heavily and finished the day slightly below the S2 support level. However, it started rising this morning. If the buyers continue generating sufficient demand, the price might reach the EMA 200 today. But if they don’t, the price could fall to 12700.
Dow Jones Industrial Average
The DJIA index wasn’t as weak as the other two yesterday. First the price managed to rise strongly, reached the R1 resistance level and set the new all-time high. Then, in the late afternoon, it dropped heavily and finished the day slightly below the S1 support level, at the EMA 200. Today, the price is rising a bit. If the buyers continue generating sufficient demand, the price might even reach the R1 today. But if the bears counterattack, the price could fall to the S1.
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