Yesterday, the American indices dropped significantly. During today’s Asian trading session, they fell even more, the S&P 500 and Dow Jones Industrial Average reached their S2 support levels and NASDAQ 100 tested its S1. However, the bulls are trying to counterattack this morning. From the data front, there will be many important publications in the US today, such as retail sales, PPI, industrial production and the University of Michigan consumer sentiment survey. Anyway let’s move on to the analysis, S&P 500 first:
S&P 500
The S&P 500 dropped significantly yesterday. The price finished the session below the EMA 200 and 3790. Today it is falling even more. It has already reached the S2 support level, but the bulls managed to bounce from there. Right now the price is slightly above the S1. If the buyers continue generating sufficient demand, the price might rise above the EMA 200 today. But if the bears take control over the market once again, the price could drop below the S2.
NASDAQ 100
NASDAQ 100 also dropped yesterday. The price finished the session below the EMA 200 and 12900. During today’s Asian trading session it fell to the S1 support level, but the bulls managed to bounce from there. Right now the price is getting close to 12900. If the buyers continue generating sufficient demand, the price might even reach the R1 resistance level today. But if the bears take control over the market once again, the price could drop below 12800.
Dow Jones Industrial Average
The DJIA index dropped significantly yesterday as well. The price finished the session below the EMA 200. Today it is falling even more. It has already reached the S2 support level, but the bulls managed to bounce from there. Right now the price is getting close to the S1. If the buyers continue generating sufficient demand, the price might rise above the EMA 200 today. But if the bears take control over the market once again, the price could drop below the S2.
SSL Secured