Stocks Slump below Pivot ahead of Fed Meeting

NASDAQ, Dow, and S&P 500 decline under Pivot Point as traders await The Fed meeting to announce their rate decision this week.

On Friday the American indices showed mixed sentiment. Today all three of them are going down, though. What can they do next? Let's try to answer that question in the analysis, S&P 500 first:

S&P 500

The S&P 500 showed mixed sentiment on Friday. First, the price dropped to the S1 support level, but then, in the evening, it managed to rise. In consequence, it finished the last session of the week slightly below 3,890. Today, the price is going down, though. If the buyers don't generate some serious appetite soon, the price could fall below today's S1 and reach 3,850. But if they do, the price might return above 3,900.

NASDAQ 100

NASDAQ 100 also showed mixed sentiment on Friday. First, the price dropped to the S1 support level, but then, in the evening, it managed to rise. In consequence, it finished the last session of the week slightly below 11,900. Today, the price is going down, though. If the buyers don't generate some serious appetite soon, the price could fall below today's S1 and 11,800. But if they do, the price might return above 11,950.

Dow Jones Industrial Average

The DJIA index showed mixed sentiment on Friday as well. First, the price dropped to the S1 support level, but then, in the evening, it managed to rise. In consequence, it finished the last session of the week at 30,950. Today, the price is going down below Pivot Point, though. If the buyers don't generate some serious appetite soon, the price could fall below today's S1 and reach 30,600. But if they do, the price might even reach 31,000.

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