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Investor showing mixed reactions towards the European Central Bank's interest rate decision and the press conference. How's the outlook?
After a very strong bullish session yesterday, American indices are showing mixed sentiment today. Also, even the US market today will be focused on European Central Bank's interest rate decision and the press conference after it, because it should give some insights about what the Federal Reserve will do next week. Anyway, let's start the analysis.
S&P 500
Near the end of a very strong bullish session, the S&P 500 index managed to beat the EMA 200. Unfortunately not for long. The price quickly fell below it, and then, during the Asian trading session, it tried to attack it twice but failed both times. Now, the pullback to the Pivot Point is expected. If it is successfully defended, we can look for another try to test the EMA 200. However, if it is beaten, the price might even go down to the S1 support level.
NASDAQ 100
NASDAQ 100 didn't generate sufficient demand to test the EMA 200. It tried twice yesterday and another two times during the Asian trading session, but every single time it lacked the bullish appetite when the price got closer to the EMA 200. Now it acts similar to the S&P 500, so the pullback to the Pivot Point is expected. If it is successfully defended, we can look for another try to breach the EMA 200. However, if it is beaten, the price might even fall to the S1 support level.
Dow Jones Industrial Average
The DJIA index looks almost the same as the S&P 500 at the moment. It breached the EMA 200 yesterday evening, then the price quickly fell below it. After that, during the Asian trading session, it tried to attack it twice but failed both times. Now, it is getting close to Pivot Point. If the bulls successfully defend it, we can look for another try to beat the EMA 200. However, if they fail, the price might even go down to the S1 support level.
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