- On Friday, the new all-time high for the S&P 500 index was formed at the level of 5545.0.
- During the Asian session this morning, the Nasdaq index rose to a new all-time high at the level of 20234.4.
Graphical analysis of the S&P 500
This Friday, the S&P 500 index reached a new all-time high at the level of 5545.0. Now we are seeing a slight pullback to the level of 5536.0. We expect to see a test of the daily opening price at the level of 5532.5. If the support does not hold, the index will have to drop to a new daily low. The EMA50 moving average will have a chance to stop this pullback at the level of 5525.0.
Possible lower targets are 5520.0 and 5510.0 levels. The EMA200 is at 5495.0 area. We need a new positive consolidation and a return to the 5540.0 level for a bullish option. We are one step away from testing the previous high. With momentum above the S&P 500, it is heading for a new all-time high. Possible upper targets are 5550.0 and 5560.0 levels.
Nasdaq Chart Analysis
During the Asian session this morning, the Nasdaq index rose to a new all-time high at the 20234.4 level. We are now also well above the 20210.0 level and are waiting for a new impulse to take us above. Possible higher targets are the 20300.0 and 20400.0 levels. We need the Nasdaq to fall below the daily opening price of 20143.0 for a bearish option.
This would mean that we have a momentum that could trigger a more targeted bearish consolidation. At 20100.0, we meet the EMA50 moving average. If the support is not enough, the index value will have to move below a new daily low. After that, Nasdaq will have the opportunity to search for a new support level. Potential lower targets are the 20000.0 and 19900.0 levels. An additional support for the index is the EMA200 in the 19900.0 area.
!function (f, b, e, v, n, t, s) {
if (f.fbq) return;
n = f.fbq = function () {
n.callMethod ?
n.callMethod.apply(n, arguments) : n.queue.push(arguments)
};
if (!f._fbq) f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = ();
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)(0);
s.parentNode.insertBefore(t, s)
}(window, document, ‘script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘504526293689977’);
fbq(‘track’, ‘PageView’);
(tags to translate)Nasdaq
