A Guide to Navigating S&P 500 at ATH: 4975.8 level
- Friday brought us a new ATH for the S&P 500 at the 4975.8 level.
- The value of the Nasdaq jumped to the 17680.8 level on Friday, forming a new all-time high.
S&P 500 chart analysis
Friday brought us a new ATH for the S&P 500 at the 4975.8 level. This week sees a slight bearish picture and the pullback of the index below the 4950.0 level. Yesterday, we had one bearish impulse to the 4916.6 support level. We managed to stay above it and start growing up to 4956.0 levels. We pause there and encounter resistance during the Asian trading session, which pulls us up to the 4940.0 level.
For now, there are no critical indications for a deeper pullback, and we are waiting for the opening of the US session. A break above 4960.0 would increase the bullish momentum for further recovery. That would give us an opportunity to attack last week’s high, and a new attempt could lead to a break above and a new one forming. Potential higher targets are 4980.0 and 4990.00 levels.
Nasdaq 100 index chart analysis
The value of the Nasdaq jumped to the 17680.8 level on Friday, forming a new all-time high. Monday brought us mild volatility and a pullback to the 17450.0 level. After the received support, the index rose above the 17600.0 level. During today’s Asian trading session, we successfully held above that level, resulting in a retest of last week’s high.
Today, we see a new resistance at that level, and the index is returning to the 17600.0 level. New pressure could break that support level and look for the next one at lower levels. Potential lower targets are 17550.0 and 17500.00 levels. Nasdaq will have additional support in the EMA200 in the zone around 17450.0 levels
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