Dow Jones, Nasdaq, and S&P 500 breaks a physiological barrier to the upside

Denis Joeli Fatiaki Independent Analyst

DJI - Dow Jones Industrials jumped in the opening of today's trading session and cleared the physiological barrier at 26407.00 which held down the Index for about four weeks. The Index closed the trading session at 26728.20 up 1.41%. The next challenge is to remain above 26755.00 and push on to the following two targets at 26976.00 and 27335.00. The Index could pull back to its previous support at 26407.00 if it fails at 26755.00

The Nasdaq Composite Index breached the 8000.00 physiological price level

The Nasdaq Composite Index breached the 8000.00 physiological price level in today's trading session and managed to close the trading session above another resistance at 8101.60.

The Index has broken out of a four-week cycle which saw prices fluctuate between 8101.60 and 7800.00. I think we still need to be careful as we are still not completely clear from the red zone yet. A break above its next target at around 8209.90 would provide a clear path to the upside. The Index could head back down to its previous support level at 8000.00 if it fails at 8101.60

SPX- S&P 500 Index breaks a significant barrier at 2940.00

SPX- S&P 500 Index breaks a significant barrier at 2940.00 highlighted in my previous post and pushes through 2958.60 support level. The Index currently trades at 2976.00 at the time of reporting up 1.30% and looks to close Thursday session around 2987.00 resistance level. A break above 2987.00 could see further progress to its next estimated target at 3026.20 and 3084.80

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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