Even though buyers don't look too excited, there are several important levels that can be used to take opportunities. What is the outlook like?
Finally, the bears took full control over the American indices yesterday. All three of them dropped significantly yesterday and they are still falling right now. Where the bulls might be able to counterattack? Let’s try to answer that question in analysis, starting with the S&P 500:
Firstly, the S&P 500 tried to hold above the Pivot Point yesterday. However, the bears were too strong in the afternoon, and in consequence, it finished the session below the S1 support level and the EMA 200. Today, it is falling deeply once more. The price is already below 3450 and if the buyers don’t generate enough appetite soon, the price will probably fall below 3440, where the S2 is. But if they do, the price could test the EMA 200 today.
Even the NASDAQ 100 is falling strongly since yesterday afternoon. During the Asian trading session, the bears successfully attacked the EMA 200. Now the price is getting close to the S2 support level. If the buyers don’t generate any sufficient demand there, the price might even fall below 11700. But if they do, the price should test the EMA 200 and maybe return above it.
Dow Jones Industrial Average
The DJIA index looks pretty similar to the S&P 500 today. It finished yesterday’s session below the EMA 200 and the S1 support level and right now the price is already below today's S1. If the buyers don’t generate enough appetite in the next minutes, the price might attack the S2 pretty soon. But if they do, the price could pull back to the EMA 200 today.
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