S&P500 and Nasdaq indices: retreat at the start of the week
During the US session on Friday, the S&P 500 index climbed to a new all-time high at the 5110.8 level. Last Friday, the Nasdaq rose to the 18095.3 level.S&P 500 index chart analysis
During the US session on Friday, the S&P 500 index climbed to a new all-time high at the 5110.8 level. After that, a pullback was initiated from that level, and the week closed at the 5081.9 level. Yesterday, we saw first a bullish consolidation to 5100.0, where we encountered resistance and started a new pullback below Monday’s low. This is a sign to us that the index continues on the bearish side and is looking for new support.
We get it at the 5062.0 level and manage to stay above it and move up to the 5075.0 level. Now, we are waiting for the US session and news from the American market to see the next step of the S&P500 index. Returning above the 5080.0 level, we are back on the bullish side with chances to jump to a new high.
Nasdaq index chart analysis
Last Friday, the Nasdaq rose to the 18095.3 level. A new all-time high was formed at that level. After that, we see a pullback to support on Monday at 17878.5 levels. We managed to hold above and move above the 18000.0 level again. That’s where we meet resistance and test the support zone again this morning. So far, the index has been successful, as we have moved above the 17960.0 level.
We need a new bullish impulse and a jump above the 18000.0 level. With that move, we return to the bullish side. Potential higher targets are 18050.0 and 18100.0 levels. We need a negative consolidation and a drop below this week’s support for a bearish option. After forming a new low, we will have the opportunity to continue the pullback. Potential lower targets are 17850.0 and 17800.0 levels.
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