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Bullish Sentiment in Control, What to Expect Next?


EXCO

Published: Oct 12, 2020  
Except for the DJIA, the US major indexes are showing optimism. Here's what you need to pay attention to before entering a position.

The American indices went higher on Friday and they seem to be even stronger during today’s Asian trading session. In consequence, the prices are going up all the time, without any serious stops, since Wednesday. What levels can they reach? Let’s try to figure it out in an analysis below. S&P 500 first.

 

S&P 500

The S&P 500 reached its daily R2 resistance level on Friday evening and finished the session close to it. Today, the price is even higher, already above the current R1. If the buyers continue to generate such a strong demand, the price might reach the R2 and even 3500 levels soon. However, if they fail, the price might go down to the Pivot Point.

snp today

 

NASDAQ 100

NASDAQ 100 seems to be even stronger today. It’s also above the R1 resistance level and it’s getting really close to 11800. The goal of this bullish rally is probably to reach 12000, although it seems unlikely to be done during today’s session. But before the end of this week? For sure. However, if the bears decide to counterattack, the price might go down to the Pivot Point.

nasdaq 100 today

 

Dow Jones Industrial Average

The DJIA index is without a doubt the weakest of all three today. It wasn’t that strong on Friday as well, it finished the session below the daily R1 resistance level. This morning it also tested the current R1, but it failed to beat it. After that, the price started to fall a bit and it is getting close to The Pivot Point.

It will surely be a perfect place to bounce, attack the R1 one more time, and reach 28600. However, if the bulls fail, the price could even drop to the S1 support level.

djia today

 


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