- Friday evening brought a new historic high for the S&P 500 at 5140.8.
- Last Thursday and Friday saw strong upward consolidation for the Nasdaq.
S&P500 chart analysis
Friday evening brought a new historic high for the S&P 500 at 5140.8. During the Asian trading session, the movement was stable and occurred in the range of 5130-5140. We are waiting for the start of the American session where we can expect greater volatility. We are close to the previous high, and with a small push, we can easily jump over it and form a new high. Possible higher targets are 5150.0 and 5160.0 levels.
If we drop below 5130.0, this could trigger bearish impulsive levels and initiate a bearish option. With this, we will form a new daily low and start the downward momentum. Possible lower targets are 5120.0 and 5110.0 levels. The EMA200 moving average is located in the area around 5070.0 levels.
Nasdaq chart analysis
Last Thursday and Friday saw strong bullish consolidation for the Nasdaq. Strong impulses pushed the index above the 18320.0 level. During today's Asian trading session, we rose to a new historical high at 18339.9. After that, we made a slight pullback to support level 18275.0. We are now waiting for the American session, which may show us the future direction of the Nasdaq index.
The new bullish impulse takes us to a new high, and potential higher targets are the 18350.0 and 18360.0 levels. The Nasdaq needs to fall below the 18275.0 level for a bearish option. Thus, we form a daily low and confirm the bearish momentum. If this continues, the indicator may fall in search of a new support level. Possible lower targets are 18250.0 and 18200.0 levels.
