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The great news from Pfizer has divided market participants. The three indices do not move in one direction. What needs to be anticipated?
The American indices had a really shocking session yesterday. First, the S&P 500 and Dow Jones Industrial Average went extremely high, above the R3 resistance levels, but then they started falling. NASDAQ 100 was much weaker though, and finished the day below the EMA 200.
That was big news from Pfizer, which was responsible for those shocking market reactions. The company said that its coronavirus vaccine is more than 90% effective and will be ready pretty soon. Today all three indices are also showing mixed sentiment. What can they do next? Let’s try to answer that question in an analysis.
S&P 500
Firstly, the S&P 500 went above the R3 resistance level and 3650 yesterday. Then it started falling and finished the day near 3550, slightly below the R2. During today’s Asian trading session the price was going down, but then it started rising this morning.
If the buyers continue generating the appetite, the price might attack the Pivot Point pretty soon. But if they fail, the bears could take control over the market and the price may drop below the EMA 200 and the S1 support level.
NASDAQ 100
NASDAQ 100 also strongly went up and crossed the R2 resistance level yesterday, but then it started falling much deeper. In the end, it finished the day below the EMA 200 and the S1 support level.
Today, the sentiment is mixed as well, but the price is still below the EMA 200. If the bulls take control over the market, the price might reach the Pivot Point in the next few hours. But if the bears are stronger today, the price could go down to the S1.
Dow Jones Industrial Average
The DJIA index was the strongest yesterday. At first, it went up so high that it crossed the R4 resistance level. Then, of course, the price dropped, but it finished the day slightly below the R3. During today’s Asian trading session the price was going down, but then it started rising this morning.
Right now it is exactly on the Pivot Point level. If the buyers continue generating the appetite, the price might get close to the R1. However, if they fail, the bears could take control over the market and the price may even go down to the EMA 200.
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