Yesterday, the American indices slightly dropped. However, they had already been much lower, but in the afternoon all three of them managed to rise significantly, so the volatility was pretty impressive. Today, they are showing mixed sentiment. From the data front, new home sales in January will be published in the afternoon. Anyway, let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 went down yesterday, but only a little. First the price dropped below the S2 support level, but in the afternoon it managed to rise and even test the EMA 200. In the late evening it went down once more and finished the day slightly below the Pivot Point. During today’s Asian trading session, the price dropped and tested the Pivot Point, but it was successfully defended, and then the price bounced a bit. If the bulls take control over the market, the price might rise above the EMA 200 today. But if the bears show their strength once again, the price could fall to the S1.
NASDAQ 100
NASDAQ 100 also went down a bit yesterday. First the price dropped below the S2 support level, but in the afternoon it managed to rise. However it still finished the day significantly below the Pivot Point. During today’s Asian trading session, the price dropped and tested the Pivot Point, but it was successfully defended, and then the price bounced a bit. If the bulls take control over the market, the price might reach the EMA 200 today. But if the bears show their strength once again, the price could fall to the S1.
Dow Jones Industrial Average
The DJIA index went down a bit yesterday as well. First the price dropped below the S1 support level, but in the afternoon it managed to rise. In consequence it finished the day above the EMA 200. During today’s Asian trading session, the price dropped, but this morning it started rising. Right now the bulls are trying to hold above the EMA 200. If they do it successfully, the price might rise near the all-time high – above 31600. But if they fail, the price could fall to the S1.
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