Yesterday, the American indices rose significantly. All three of them finished the session above their R1 resistance levels. Today, the S&P 500 and NASDAQ 100 are still going up, but the Dow Jones Industrial Average is showing mixed sentiment. From the data front, weekly initial jobless claims and existing home sales in March will be published in the US. Anyway, let’s move on to the analysis, S&P 500 first:
That was a good bullish session for the S&P 500 yesterday. The price rose above the R1 resistance level. Today it is going up even more. If the buyers continue generating firm demand, the price might also reach the R1 today. But if the bears counterattack, the price could drop to the EMA 200.
NASDAQ 100 also rose significantly yesterday. The price finished the day above the R1 resistance level. Today it is going up even more. If the buyers continue generating firm demand, the price might return above 14000 today. But if the bears counterattack, the price could drop to the Pivot Point.
Dow Jones Industrial Average
The DJIA index significantly went up yesterday as well. The price finished the day at the R1 resistance level. During today’s Asian trading session it was still rising, but this morning the price went down a bit, and now the bulls are fighting to stay above 34000. If they do it successfully, the price might generate some strong appetite and even reach the R1. But if they fail, the bears will take control over the market and the price could drop to the EMA 200.