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S&P 500 and Nasdaq: New all-time high for the S&P 500

S&P 500 and Nasdaq: New all-time high for the S&P 500

A new all-time high for the S&P 500 index was formed on Friday at the 5524.5 level.
On Friday, the Nasdaq index once again found itself above the 20000.0 level. 

S&P 500 chart analysis

A new all-time high for the S&P 500 index was formed on Friday at the 5524.5 level. After that, there was saturation at that level, and a pullback to support at 5460.0 was initiated. Here, we meet the EMA200 moving average, which managed to give us enough support on Monday. Today’s picture is more bearish as the index has retreated below the EMA200 and is under pressure to fall to the weekly low.

Potential lower targets are 5440.0 and 5430.0 levels. We need a positive consolidation and a return above the 5470.0 level for a bullish option. This moves us above the EMA200 and the weekly open price. With their support, the S&P 500 will be positioned to continue on the bullish side. Potential higher targets are 5490.0 and 5500.0 levels.

 

Nasdaq chart analysis

On Friday, the Nasdaq index once again found itself above the 20000.0 level. This time, it was short-lived as a pullback to the EMA200 moving average at the 19700.0 level followed. The picture is more bearish this week, and yesterday, we saw a drop to 19570.0 levels. After that, this morning, the index climbed to a weekly high of 19830.0 and stopped there. We did not have the strength to move above and a pullback to the EMA200 moving average followed.

With new pressure on this level, a breakout could easily happen and the pair of Nasdaq indices to a new low. Potential lower targets are 19650.0 and 19600.0 levels. We need to maintain above the EMA200 and the weekly open price for a bullish option. With this support, we will have a chance to start a bullish consolidation. Potential higher targets are 19850.0 and 19900.0 levels.

 

The post S&P 500 and Nasdaq: New all-time high for the S&P 500 appeared first on FinanceBrokerage.

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