- On Thursday, the S&P 500 rose to a new weekly high at the 5642.4 level.
- Nasdaq was in a bullish consolidation this week up to the 19940.1 level
Graphical analysis of the S&P 500
On Thursday, the S&P 500 reached a new weekly high at the level of 5642.4. After forming a new high, the index started a pullback and, with some bearish impulses, fell to 5561.2. The decline stopped there, so it quickly consolidated and started a recovery on the bullish side. The index is now at the level of 5605.0 and has the support of the EMA 50 moving average. Everything points to further growth and recovery.
Possible upper targets are the 5620.0 and 5640.0 levels. For a bearish option, we need a negative consolidation to the previous low. This puts new pressure on that level. To continue, the S&P 500 would need to make a push lower to a new low. Possible lower targets are the 5560.0 and 5540.0 levels.
Nasdaq Chart Analysis
The Nasdaq was in a bullish consolidation this week up to the 19940.1 level. On Thursday, we stopped at that level and started a strong bearish consolidation up to the 19440.0 level. During the Asian session this morning, we got that new support and started a bullish consolidation. A daily high was formed at the 19680.0 level. Here, we meet the EMA 50 moving average and need a push above it to continue on the bullish side.
If we succeed, we will continue the rally. Possible upper targets are the 19700.0 and 19750.0 levels. For a bearish option, we need a negative consolidation first and a pullback below the 19600.0 level. This would take us away from the EMA 50, which would strengthen the bearish momentum. This would be followed by a further pullback to last night's low and that support would be tested. Possible lower targets are the 19550.0 and 19500.0 levels.
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