- Yesterday, the S&P 500 index came under heavy pressure, leading to a drop to the level of 5391.5.
- After a month, the Nasdaq index fell back below the 19,000.0 level yesterday.
Graphical analysis of the S&P 500
Yesterday, the S&P 500 index came under a lot of pressure, which led to a drop to the level of 5391.5. After forming this low, we revisited that level last night and received concrete support. During the Asian trading session this morning, the index started a bullish consolidation and rose to the levels of 5450.0. Here, we are now testing the EMA 50 moving average and need a push above it to continue on the bullish side.
This gives us support at the 50 EMA, which would mean further recovery. Potential higher targets are the 5480.0 and 5500.0 levels. For the bearish option, we need a negative consolidation and a decline to the 5420.0 level. This puts the S&P 500 on track to visit 5400.0, the daily opening price. We are close to putting fresh pressure on this week's low. Potential lower targets are the 5380.0 and 5360.0 levels.
Nasdaq Chart Analysis
After a month, the Nasdaq index fell back below the 19,000.0 level yesterday. A new July low was formed at the 18,719.5 level. During the Asian session this morning, the index stabilized and started a bullish consolidation to the 19,050.0 level. We need a little more to break the EMA 50 moving average and the 19,100.0 level. Possible higher targets are the 19,200.0 and 19,400.0 levels.
For a bearish option, the Nasdaq index would have to start a new negative consolidation up to the level of 18800.0. This puts us very close to testing yesterday's low. A new impulse below would push the index to a new low and thus confirm its weakness. Possible lower targets are the levels of 18600.0 and 18400.0.
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(tags to translate)Nasdaq
