S&P 500 and Nasdaq, new index recovery from this morning
- On Thursday, the S&P 500 rose to a new weekly high at the 5642.4 level
- Nasdaq was in a bullish consolidation this week up to the 19940.1 level
S&P 500 chart analysis
On Thursday, the S&P 500 rose to a new weekly high at the 5642.4 level. After forming a new high, the index started a retreat, and with a few bearish impulses, it fell to 5561.2. The fall was stopped there, so we quickly consolidated and started a recovery on the bullish side. The index is now at the 5605.0 level and has the support of the EMA 50 moving average. Everything points to further growth and recovery.
Potential higher targets are 5620.0 and 5640.0 levels. For a bearish option, we need a negative consolidation back to the previous low. This puts new pressure on that level. To continue, the S&P 500 would have to make an impulse below to a new low. Potential lower targets are 5560.0 and 5540.0 levels.
Nasdaq chart analysis
Nasdaq was in a bullish consolidation this week up to the 19940.1 level. On Thursday, we stopped at that level and started a strong bearish consolidation up to the 19440.0 level. During this morning’s Asian session, we got that new support and started a bullish consolidation. A daily high was formed at the 19680.0 level. Here, we meet the EMA 50 moving average and need momentum above to continue on the bullish side.
If we succeed in that, we will continue with the recovery. Potential higher targets are the 19700.0 and 19750.0 levels. For a bearish option, we need a negative consolidation and pullback below the 19600.0 level first. This would move us away from the EMA 50, which would strengthen the bearish momentum. Next is a further pullback to last night’s low and testing of that support. Potential lower targets are the 19550.0 and 19500.0 levels.
The post S&P 500 and Nasdaq, new index recovery from this morning appeared first on FinanceBrokerage.
