S&P 500 and Nasdaq: The S&P 500 is up this morning
During this morning’s Asian trading session, the Nasdaq is receiving support at the 19400.0 level
S&P 500 chart analysis
On Thursday, the S&P 500 rose to 5647.1 levels, forming a new high. We just missed reaching the weekly high of 5650.2 levels. Very quickly, we lost momentum there and had to start retreating. The decline was stopped at the 5590.0 level and the EMA 200 moving average. After that, the index begins a bullish consolidation above the 5600.0 level.
During this morning’s Asian session, the recovery continued, while in the EU session, we formed a new daily high at the $5622 level. We expect to see a continuation on the bullish side and a climb to a new high. Potential higher targets are 5630.0 and 5640.0 levels. For a bearish option, we need a pullback of the S&P 500 to the 5600.0 daily open price. The index’s inability to hold there will only add to the bearish momentum. Potential lower targets are 5590.0 and 5580.0 levels.
Nasdaq chart analysis
During this morning’s Asian trading session, the Nasdaq is receiving support at the 19400.0 level. Today’s bullish consolidation pushed the index up to 19500.0 levels. This gave us support from the EMA 200 moving average, and now we expect to see a further advance and the formation of a new daily high. We expect to see a further advance to yesterday’s high at the 19630.5 level.
This time, we hope for a break above and growth towards the weekly open price. Potential higher targets are 19650.0 and 19700.0 levels. For a bearish option, we need a pullback of the Nasdaq below 19350.0 and the daily open price. After that, we will have to test the previous low at the 19300.0 level. New pressure could create an impulse below and form a new daily low. Potential lower targets are 19250.0 and 19200.0 levels.
