Stocks Fall in Response to Powell's Dovish Comments

NASDAQ rises while S&P 500 and Dow drop toward S1 level after Federal Reserve Chair Jerome Powell presents dovish testimony to Congress.

Yesterday was another interesting session for the American indices. All three of them set their new all-time highs in the afternoon, dropped a bit in the evening, and finished the session very close to their Pivot Points. Today, the S&P 500 and the DJIA index are going down, but the NASDAQ 100 is rising. From the data front, the Philadelphia Fed Manufacturing Index in July will be published. Anyway, let's start the analysis, S&P 500 first:

S&P 500

The S&P 500 managed to raise a bit yesterday. First, the price set the new all-time high, then it slightly dropped. In consequence, it finished the session at Pivot Point. Today, the price is slightly going down. If the buyers don't generate some serious appetite soon, the price could fall to the S1 support level today. But if they do, the price might even reach the R1 resistance level.

NASDAQ 100

NASDAQ 100 also rose a bit yesterday. First, the price set the new all-time high, then it slightly dropped. In consequence, it finished the session above the Pivot Point. Today, the price is slowly rising. It's already above today's Pivot Point. If the buyers continue generating sufficient demand, the price might reach the R1 resistance level today. But if the bears counterattack, the price could fall to the EMA 200.

Dow Jones Industrial Average

The DJIA index showed mixed sentiment yesterday. First, the price set the new all-time high, then it slightly dropped. In consequence, it finished the session a little below the Pivot Point. Today, the price is going down, though. Right now the bulls are trying to return above the EMA 200. If they do it successfully, the price might rise above Pivot Point. But if they fail, the price could even fall to the S2 support level.

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