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The fight on the support area is still not over. Pay attention to the following levels before placing a position.
After several days of falling, American indices showed some mixed sentiment during the last two sessions. They don’t seem to be that weak and powerless anymore, so the buyers might be able to counterattack.
After the weekend, the prices opened a bit lower than where they closed on Friday, but right now, they are already above those levels. What can they do next? We’ll try to answer that question in this analysis. S&P 500 first.
S&P 500
Surprisingly, the S&P 500 successfully defended the S1 support level on Friday, and even finished the day slightly below the Pivot Point, a little above its opening daily price. Today, it opened a bit lower though, but after two hours it started going up.
Right now it is above today's Pivot Point and last week’s closing price. If the buyers continue to generate firm demand, the price might even reach the R1 resistance level and the EMA 200 today. But if they fail, the price could go down to the S1.
NASDAQ 100
NASDAQ 100 was significantly weaker on Friday. The price fell to the S2 support level, then the bulls counterattacked and finished the day on the S1. Today, it seems to be a bit stronger than the S&P 500, though.
The price is already above today’s Pivot Point and significantly higher than last week’s closing price. If the buyers continue to generate firm demand, the price might even reach the R1 resistance level and the EMA 200 today. But if they fail, the price could drop below 11000.
Dow Jones Industrial Average
The DJIA index was the strongest of all three on Friday. It also defended the S1 support level, but then it finished the session above the Pivot Point. Today, it looks almost the same as the S&P 500. The price is already above today's Pivot Point and last week’s closing price.
If the buyers continue to generate firm demand, the price might not only attack the R1 resistance level and the EMA 200 today, but also even test the R2. But if they fail, the price could go down to the S1.
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