- On Tuesday, the S&P 500 index hit a new all-time high of 5,669.8.
- The Nasdaq index fell to 19,568.8 last night, forming a weekly low there.
Graphical analysis of the S&P 500
On Tuesday, the S&P 500 index reached a new all-time high at 5669.8. After its formation, the index lost momentum and turned bearish. On Wednesday, it fell below 5600.0, and on Thursday, a weekly low was formed at the level of 5522.2. During the Asian session this morning, we saw for the first time an upward attempt that was stopped at the level of 5560.0. This led to another pullback and a test of the weekly low.
For now, we are holding above but remain under pressure in this support zone. Possible lower targets are the 5510.0 and 5500.0 levels. For a bullish option, we need a positive consolidation and a break above the 5560.0 level. With that, we rise to a new daily high and move to the bullish side. After that, we can expect to see some recovery in the S&P 500 index.
Nasdaq Chart Analysis
The Nasdaq index value fell last night to 19568.8, forming a weekly low there. During the Asian session this morning, we tested that level once again. We have received new support and now we need to see bullish momentum above the 19800.0 level. Then we need to stabilize there. After that, the Nasdaq would have a better position from which it could continue to grow towards the bullish side.
With the break to 19900.0, we get the support of the 50 EMA moving average. The higher potential targets are the 20000.0 and 20100.0 levels. We need a negative consolidation and a pullback to the weekly support level for a bearish option. That would be the third time in 24 hours that we are at that level. This time, we could easily see the momentum below and a new lower low formation. The lower potential targets are the 19500.0 and 19400.0 levels.
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(tags to translate)Nasdaq