Analysis of the S&P 500 Below The 5020.0 Level Today
During the US session yesterday, the S&P500 made a new all-time high at the 5048.8 level. Yesterday, the Nasdaq was above the 18000.0 level for the first time in its history.S&P 500 index chart analysis
During the US session yesterday, the S&P500 made a new all-time high at the 5048.8 level. After stopping at that level, the value of the index begins to pull back below the 5020.0 level. During the Asian trading session, the index failed to break above the 5020.0 level. This led to an increase in bearish pressure, and the S&P500 retreated to 5006.0 levels. Now, we expect to see a further pullback and a visit to the 5000.0 level.
Potential lower targets are 4990.0 and 4980.0 levels. If we manage to stay above the 5000.0 level, the index could start a bullish consolidation and turn towards yesterday’s high. Before that, we would have to stabilize above the 5020.0 level if we plan to see a concrete recovery. Potential higher targets are 5040.0 and 5060.0 levels.
Nasdaq Chart Analysis
Yesterday, the Nasdaq was above the 18000.0 level for the first time in its history. A value high was formed at the 18041.3 level. After that, we stop at that level and start pulling back below the 17900.0 level. During the previous Asian trading session, the index tried to return above 17900.00, but the attempt was unsuccessful. In the EU session, we see a continuation of the pullback to the 17773.0 level.
We are now paying attention to the EMA200 moving average as it is in the zone around 17700.0 levels and could provide us with some support. If that does not happen, we will be followed by a fall below and the formation of a new low for this week. Potential lower targets are 17600.0 and 17500.0 levels.
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