- Yesterday's attempt by the S&P500 index to reach a new high stopped at the level of 5186.2.
- This week's high for the Nasdaq index was at 18,245.4 on Wednesday.
S&P500 Index Chart Analysis
Yesterday's attempt by the S&P500 index to reach a new high stopped at the level of 5186.2. After that, two bearish impulses took us to the support level of 5140.0. Since then, we have been in a sideways consolidation in the 5140.0-5155.0 range. We have additional support at the EMA200 and expect continuity and growth on the bullish side. During the Asian session the index gave us indications that we could see a break above and reach a new daily high.
That's what happened with the jump to 5165.0 levels. We successfully hold above the 5155.0 level and expect a retest and fresh momentum for the continued bullish side. The highest potential targets are the 5170.0 and 5180.0 levels. We need a negative consolidation and a drop to 5140.0 and the EMA200 support level for a bearish option. The breakout below pushes the index to form a new weekly low, with the possible lower targets being the 5130.0 and 5120.0 levels.
Nasdaq Index Chart Analysis
This week's high for the Nasdaq index was at 18,245.4 on Wednesday. After that, we saw the beginning of a bearish consolidation until the level 18030.0. We managed to stay above it on Wednesday and get support from the EMA200 moving average. On Thursday we rose to the level of 18175.0 and found new resistance there, forming a new lower high compared to the previous day.
From that level, we started another pullback until last night at the 17913.3 level. During the Asian session, we broke above the 17960.0 level again and now we are trying to stabilize around the 18000.0 level. Today's resistance is at the 18070.0 level of the EMA200 moving average. For now, we stay below and look to the bearish side. Fresh momentum could easily take us below the 17960.0 support level, and the lower potential targets are the 17920.0 and 17900.0 levels.
!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’);
