- The S&P500 index fell to 5,060.0 on Tuesday.
- The Nasdaq index also retreated to levels of 17803.0 on Tuesday.
S&P500 Index Chart Analysis
The S&P500 index fell to 5,060.0 on Tuesday. After that, we managed to get support at that level and start a bullish consolidation. Crossing above the 5090.0 level, the index received support from the EMA200 moving average. With new support on Thursday, we saw bullish consolidation and a jump to the 5165.0 level. During the Asian session, we saw a brief pullback to the support at the 5150.0 level.
With a new bullish consolidation from that level, today we rise to 5169.3, a new all-time high. We stop at that level and return to 5155.0. There is a good chance that we will see new momentum and jump to a new high. The highest potential targets are the 5170.0 and 5180.0 levels. We need a pullback below the 5150.0 support level for a bearish option. With further bearish momentum, we would be forced to continue the pullback and test lower levels.
Nasdaq Index Chart Analysis
The Nasdaq index also retreated to levels of 17803.0 on Tuesday. After receiving support, we recovered last night and returned above the 18300.0 level. With this jump, we retest the weekly resistance zone and the all-time high at 18339.9. Today's support of the index value is the level 18232.0 and we continue to move in that range between the support and ATH.
We need a stronger drive to dominate us and reach a new level. The highest potential targets are the 18400.0 and 18500.0 levels. For a bearish option, we need a pullback below the daily low. With that step we move away from our objective and turn towards the bearish side. Possible lower targets are 18200.0 and 18150.0 levels.
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