The battle between bulls and bears occurs at lower levels. The price can bounce off significantly, or even continue its decline. Here's the outlook.

Friday's session was really interesting for the American indices. Firstly the prices dropped strongly, but the buyers counterattacked in the evening. In consequence, only the Dow Jones Industrial Average finished the day lower than where it began.

However, today’s situation is completely different. All three indices opened significantly lower after the weekend, and the prices also have been going down during the whole Asian trading session. In consequence, they are already at really low levels. What can they do next? Let’s try to find out in analysis, S&P 500 first.

 

S&P 500

After a not bad Friday’s session, the sellers completely dominated the S&P 500 today. The price is already below the S2 support level. If the buyers don’t counterattack quickly, the price could even fall below 3400. But if they manage to bounce, the price might even return above the S1 and test the EMA 200.

snp500


NASDAQ 100

NASDAQ 100 also opened significantly lower after the weekend, but it is not as weak as the S&P 500. After the Asian trading session, the price is below the S1 support level, near 11,550. If the bears don’t stop their rally, the price could test the S2 and 11,500. But if the buyer's counterattack, the price might rise above the Pivot Point and even test the EMA 200.

nasdaq 100


Dow Jones Industrial Average

The DJIA index was definitely the weakest on Friday. It was the only one that finished the day below the EMA 200 and lower than it started. Today it is also really weak. Right now, the bulls are trying to defend the S2 support level. If they do it successfully, the price might return above the S1. But if they fail, the price might even go down to 27700.

djia today

 

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