Stocks Still Struggle Below EMA 200

NASDAQ drop while S&P 500 and Dow rebounded near Pivot Point after the Fed considers withdrawing its financial support sooner than expected.

Yesterday the American indices dropped significantly. Today all three of them are rising, though. From the data front, the ADP nonfarm employment change and the ISM manufacturing PMI, both in November, will be published. Anyway, let’s move on to the analysis, S&P 500 first:

S&P 500

The S&P 500 dropped deeply yesterday. The price finished the session a little above the S2 support level, at 4,585. Today it is rising significantly, though. The price is already above Pivot Point and 4,610. If the buyers continue generating firm demand, the price might rise above the EMA 200 today. But if the bears counterattack, the price could go down to 4,570.

NASDAQ 100

NASDAQ 100 also went down significantly yesterday. The price finished the session slightly above the S1 support level. Today it is going down strongly, though. The price is already above the EMA 200 and 16,300. If the buyers continue generating firm demand, the price might reach the R1 resistance level today. But if the bears counterattack, the price could fall below the Pivot Point.

Dow Jones Industrial Average

The DJIA index dropped heavily yesterday as well. The price finished the session below the S2 support level, a little above 34,500. However, it is rising today. If the buyers continue generating firm demand, the price might reach the R1 resistance level and the EMA 200 today. But if the bears counterattack, the price could fall below 34,400.

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