S&P 500 Index and Nasdaq: S&P 500 struggling around 5100.0
The S&P 500 closed last week on Friday above the 5100.0 level. The value of the Nasdaq index rose yesterday to 17820.4 level, a ten-day high.S&P 500 chart analysis
The S&P 500 closed last week on Friday above the 5100.0 level. Yesterday’s movement was quite stable above this level. This week’s high was formed at the 5122.7 level, and for now, we have resistance at that level. During this morning’s Asian trading session, the index is slightly bearish, with support at the 5105.0 level. We are above the EMA50 moving average but cannot rule out an impulse below and testing the 5100.0 level and the weekly open price.
Potential lower targets are 5090.0 and 5080.0 levels. In the 5080.0 zone, we come across the EMA200 moving average. We need a break above the resistance at the 5122.7 level for a bullish option. With a new impulse, we go to a new high and thus confirm our commitment to recovery. Potential higher targets are 5140.0 and 5160.0 levels.
Nasdaq chart analysis
The value of the Nasdaq index rose yesterday to 17820.4 level, a ten-day high. During this morning’s Asian session, we failed to initiate a bullish consolidation and are now turning slightly to the bearish side. We are currently at the 17750.0 level, and it is very possible that a new bearish impulse will occur and a descent to the weekly open price at 17710.0.
By crossing below this level, we are moving to the bearish side and will be under pressure from the EMA50 moving average. Potential lower targets are 17700.0 and 17650.0 levels.
If we manage to consolidate and gain new support, we could initiate a recovery above this week’s high at 17820.0. By jumping above, we will form a new high and thus confirm the bullish trend. Potential higher targets are 17850.0 and 17900.0 levels.
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