S&P 500 and Nasdaq: Nasdaq in retreat from all-time high
The S&P 500 index managed to climb to a new all-time high yesterday at the 5349.8 level. The Nasdaq index rose to 18948.9 levels yesterday, forming a new all-time high.S&P 500 chart analysis
The S&P 500 index managed to climb to a new all-time high yesterday at the 5349.8 level. After that, there is a strong bearish consolidation and withdrawal to 5256.2 levels in just a few hours. This leads to a drop below the EMA200 moving average. During this morning’s Asian trading session, the index begins a bullish consolidation up to 5282.0.
With the S&P 500 back within reach of EMA200, there is a promising opportunity for its impulse to move above the positive side. It’s crucial to hold on there to initiate the continuation of positive consolidation and the recovery of the bullish side. This could lead to higher targets at 5290.0 and 5300.0. A return above the 5300.0 level, where we will test the weekly open price, would be a significant boon for us.
Nasdaq chart analysis
The Nasdaq index rose to 18948.9 levels yesterday, forming a new all-time high. After its formation, a strong bearish consolidation and pullback to the 18550.0 level succeeded. The index returned to test the weekly open price and try to find new support there. It succeeded in doing so, which initiated the initiation of a positive consolidation and recovery to 18675.0. Additional support for this trend is the EMA200 moving average.
Now, we expect to go back above the 18700.0 level and continue further to the bullish side. Potential higher targets are 18800.0 and 18900.0 levels. We need a new negative consolidation and pullback to the previous support at 18550.0 for a bearish option. New pressure in that zone would increase the bearish pressure on the Nasdaq, which would have to start retreating. Potential lower targets are 18500.0 and 18400.0 levels.
The post S&P 500 and Nasdaq: Nasdaq in retreat from all-time high appeared first on FinanceBrokerage.
