S&P 500 hurtles toward new all-time high

• Last night, the S&P 500 formed a new all-time high at the 5738.0 level
• On Wednesday, the Nasdaq index made a new attempt to reach the level of 20,000.0.

Graphical analysis of the S&P 500

Last night, the S&P 500 formed a new all-time high at the 5738.0 level. During the Asian session this morning, the index pulled back to the support level of 5715.0. We quickly broke above the 50 EMA moving average again to move to the bullish side. The S&P 500 is now at the 5730.0 level and is very close to testing the daily opening level of 5734.8. Getting back above it gives the index a new opportunity to break above it and form a new all-time high.

Possible upper targets are the levels of 5740.0 and 5745.0. In case of a bearish option, we expect to see a negative consolidation below 5720.0 and the EMA 50 moving average. With these steps, we will strengthen the bearish momentum and expect the formation of a new daily low. Possible lower targets are the levels of 5715.0 and 5710.0.

Nasdaq Chart Analysis

On Wednesday, the Nasdaq index tried again to reach the level of 20,000.0. We stopped at the level of 19,989.3. During the Asian session this morning, the index lost its previous bullish momentum. This triggered the Nasdaq's pullback to a new daily low at the level of 19,850.0. We managed to stabilize there and again break above 19,900.0 and the EMA 50 moving average.

We expect the bullish consolidation to continue and a further rally to the upside. Possible upper targets are the 19925.0 and 19950.0 levels. For a bearish option, we need a negative consolidation and a drop below this morning's support level of 19850.0. By moving to a new low, we confirm the bearish momentum and the Nasdaq continues its pullback. Possible lower targets are the 19825.0 and 19800.0 levels.