- Overnight, the S&P 500 rose to a new all-time high of 5,262.7.
- The Nasdaq is retreating this week.
S&P 500 graphical analysis
Overnight, the S&P 500 rose to a new all-time high of 5,262.7. That was an hour before the market closed last night and the index value closed at the 5246.1 level. This brings us back to the support zone around the 5245.0 level. On the downside, the EMA50 is getting closer and could help hold above it and start a new positive consolidation.
After that, we can expect new tests of the previous high and the possible formation of a new one. The highest potential targets are the 5264.0 and 5270.0 levels. We need a pullback below the EMA50 to the 5235.0 level for a bearish option. With bearish momentum, we could go down to the weekly opening price at 5228.6 level. Depending on the performance at that level, the long-term future trend of the S&P 500 could also depend.
Nasdaq Chart Analysis
The Nasdaq is retreating this week. On Wednesday we saw a drop to the weekly low at 18156.4. After that, it triggered a recovery and we are back above the EMA200 and 18250.0 levels. On Thursday the index moved in the range 18250.0-18300.0. Since the market is closed today due to the upcoming Easter holidays, last night the market closed at the level of 18241.8. The Nasdaq settled just above the EMA200 moving average.
We hope to stay above the EMA200 next week and start a new positive consolidation. The highest potential targets are the 18325.0 and 18350.0 levels. We need a drop below the moving average and the 18200.0 level for a bearish option. This leads us to visit the previous support zone around 18150.0. There we will be under great pressure not to fall below a new low and thus confirm the bearish momentum.
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