After a strong bullish sentiment in yesterday's trading, the index opened lower in the Asian session. What catalysts need to be observed?

The American indices had a really amazing Monday. The buyers were just shockingly strong and unstoppable. However, today’s situation seems to be different. The prices already dropped significantly during the Asian trading session.

Where can they go next? We’ll try to find out below. From the data front, the markets should be focused on the CPI and core CPI report in the US in the afternoon. Anyway, let’s start the analysis, S&P 500 first.

indices today depend to cpi

 

S&P 500

The S&P 500 had a really fabulous session yesterday. The price finished above the R3 resistance level. However, it is not doing that well today. It has already dropped significantly during the Asian trading session and right now the bulls are defending the Pivot Point.

If they do it successfully, the price might bounce and even reach 3550. However, if they fail, the price might go down to the S1 support level.

snp today

 

NASDAQ 100

NASDAQ 100 was just unbelievable yesterday. It even breached the R4 resistance level. I wrote yesterday morning that it should reach 12000 in the next couple of days and it reached 12.196 in the evening, almost 500 pips higher than it started. What a performance.

Today, during the Asian trading session, it dropped through, but only a little. It is still above the Pivot Point and 12000 and those levels should be defended strongly.

If the buyers are able to generate firm demand once more, the price might even test 12200. Only falling below the Pivot Point would flip the daily chart bearish.

nasdaq100 today

 

Dow Jones Industrial Average

One more time, the DJIA index is the weakest of all three. It performed well yesterday, but the price didn’t even reach the R3 resistance level. Today, it is falling strongly, since the start of the Asian trading session, and it’s already significantly below the Pivot Point.

If the bulls don’t generate enough appetite and return above it, the price could reach the S1 support level pretty soon. But if they do, the price might test 28800 once again.

djia today

 

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