- From Monday to Wednesday, we saw the S&P 500 fall to the 4944.8 support level.
- The Nasdaq index remained in decline until Wednesday, when it fell to 17,315.4.
S&P 500 chart analysis
From Monday to Wednesday, we saw the S&P 500 fall to the 4944.8 support level. After the new support, the index began a strong upward wave, which took us on Thursday evening to levels of 5095.2, a new all-time high. During the Asian session this morning, we managed to hold above the 5080.0 level. Now, we are waiting for the beginning of the American session, which may give new momentum and push us towards the 5100.0 level.
Possible higher targets are 5110.0 and 5120.0 levels. We need to break below today's support at 5080.0 for a bearish option. Thus, we first form a new daily low and signal a possible increase in downward momentum and a decline in the indicator. Possible lower targets are 5070.0 and 5060.0 levels.
Nasdaq chart analysis
The Nasdaq index remained in decline until Wednesday, when it fell to 17,315.4. This was followed by a very quick recovery to the 17700.0 level. On Thursday, we witnessed the continuation of the upward trend reaching 18035.0, and we were close to reaching the previous peak at 18041.3. During the Asian trading session, the index moves in the range of 17980.0-18000.0.
This movement continued in the EU session, and we are now waiting for the US session, which could take the first step towards a new all-time high. Possible higher targets are 18050.0 and 18100.00 levels. We will have to fall below the support level of 17980.0 in the bearish scenario. This would reinforce the negative momentum and push the index value down. Possible lower targets are 17950.0 and 17900.0 levels.
