Yesterday the American indices went down. However, all three of them are rising today. What can they do next? Let’s try to answer that question in an analysis, S&P 500 first:
S&P 500
Yesterday was a really interesting session. First the S&P 500 rose high above the R1 resistance level. Then it dropped heavily and finished the session below the Pivot Point. However, the price is rising today. It’s already above the EMA 200 and the Pivot Point. If the buyers continue generating firm demand, the price might reach the R1. But if the bears counterattack, the price could return below the EMA 200 and the Pivot Point.
NASDAQ 100
NASDAQ 100 also dropped a bit yesterday. First the price rose high above the R1 resistance level. Then it dropped significantly and finished the session below the EMA 200. However, the price is rising today. It’s already above the EMA 200 and the Pivot Point. If the buyers continue generating sufficient demand, the price might reach today’s R1. But if the bears counterattack, the price could return below the EMA 200.
Dow Jones Industrial Average
The DJIA index was the weakest one yesterday. First the price rose high above the R1 resistance level. Then it dropped heavily and finished the session a little above the S1 support level. However, the price is rising strongly today. It’s already above the Pivot Point. If the buyers continue generating sufficient demand, the price might even reach today’s R1. But if the bears counterattack, the price could return below the Pivot Point.
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