- During the Asian session this morning, the S&P 500 index moved above the support at 5600.0
- The Nasdaq high for this week was formed on Monday at the 19775.0 level.
Graphical analysis of the S&P 500
During the Asian session this morning, the S&P 500 index broke above the support level of 5600.0. Today's resistance is at 5627.0 and we need to break above it to reach the weekly opening price of 5631.0. With the above return, we are back to the positive side and we can expect further growth towards the bullish side. Possible higher targets are the levels of 5640.0 and 5650.0.
On the other hand, there is also a possibility of a bearish option. A negative consolidation below the daily opening price could lead to a new daily low, which would confirm an increase in bearish momentum. This could lead the S&P 500 to retrace to a new weekly low. Possible lower targets are the 5590.0 and 5580.0 levels. The EMA 200 moving average is located in the 5570.0 area, which indicates a possible bearish trend.
Nasdaq Chart Analysis
This week's high for the Nasdaq was formed on Monday at the level of 19775.0. After that, we see the beginning of bearish consolidation and a drop to the levels of 19435.6. The price managed to hold there and stabilize above the EMA 200 moving average and 19450.0. During the Asian trading session this morning, the Nasdaq started a recovery up to 19575.0. There, we found new resistance and started a pullback to the EMA 200 moving average.
The Nasdaq is now under pressure to fall and form a new daily low. This confirms the bearish pressure and we expect to see a further pullback to a new weekly low. Possible lower targets are the 19400.0 and 19350.0 levels. For a bullish option, we need to stay above the EMA 200 moving average. If we succeed, it remains to start the recovery on the bullish side.
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(tags to translate)Nasdaq
