S&P 500 and Nasdaq: S&P 500 rushes to new all-time high

S&P 500 chart analysis

Last night, the S&P 500 formed a new all-time high at the 5738.0 level. During this morning’s Asian trading session, the index retreated to the 5715.0 support level. We quickly moved back above the EMA 50 moving average to the bullish side. The S&P 500 is now at the 5730.0 level and is very close to testing the daily open level of 5734.8. Returning above it gives the index a new opportunity to break above and form a new all-time high.

Potential higher targets are 5740.0 and 5745.0 levels. For a bearish option, we hope to see a negative consolidation below 5720.0 and the EMA 50 moving average. With these steps, we will strengthen the bearish momentum and expect the formation of a new daily low. Potential lower targets are 5715.0 and 5710.0 levels.

Nasdaq chart analysis

On Wednesday, the Nasdaq index made a new attempt to reach the 20,000.0 level. We stopped at the 19989.3 level. During this morning’s Asian trading session, the index lost its previous bullish momentum. This triggered the Nasdaq’s pullback to a new daily low at the 19850.0 level. We managed to stabilize there and move back above 19900.0 and the EMA 50 moving average.

We hope for a continuation of the bullish consolidation and a further recovery to the bullish side. Potential higher targets are 19925.0 and 19950.0 levels. For a bearish option, we need a negative consolidation and a drop below this morning’s support level of 19850.0. By moving to a new low, we confirm the bearish momentum, and the Nasdaq remains to continue its retreat. Potential lower targets are 19825.0 and 19800.0 levels.

The post S&P 500 and Nasdaq: S&P 500 rushes to new all-time high appeared first on FinanceBrokerage.