NASDAQ, Dow, and S&P 500 drop following Biden's renomination of Fed's Chairman Jerome Powell for the second term. Meanwhile, Fed governor Lael Brainard was put as vice-chairman.

Yesterday was a really volatile session. In the end, the S&P 500 and the NASDAQ 100 dropped significantly, but the Dow Jones Industrial Average showed mixed sentiment. Moreover, all three of them are falling deeply today. From the data front, manufacturing PMI, markit composite PMI, and services PMI in October will be published. Anyway, let's start the analysis, S&P 500 first:

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S&P 500

Yesterday was a really volatile session. First, the S&P 500 rose strongly, set the new all-time high, and tested the R2 resistance level. Then, in the afternoon, it dropped heavily and finished the session a little above the S1 support level. Today the price is falling even more. Right now the bulls are trying to defend the S1. If they do it successfully, the price might rise to the EMA 200 and 4,700. But if they fail, the price could go down below 4,650.

s&p 500 today

 

NASDAQ 100

NASDAQ 100 was also very volatile yesterday. First, the price rose high above the R2 resistance level and set the new all-time high. Then, in the afternoon, it dropped heavily and finished the session significantly below the S2 support level. Today the price is falling even more. If the buyers don't generate some serious appetite soon, the price could go down to 16,200. But if they do, the price might rise above the EMA 200.

nasdaq 100 today

 

Dow Jones Industrial Average

The DJIA index wasn't as weak as the other two indices yesterday. First, the price rose significantly and tested the R1 resistance level. However, it dropped in the evening and finished the session at 35,600. Today the price is falling even more. Right now the bulls are trying to defend the S1 support level. If they do it successfully, the price might rise to Pivot Point. But if they fail, the price could go down to 35,000.

djia today

 


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