- Last night, the S&P 500 rose to a new all-time high of 5,262.7.
- The Nasdaq is in decline this week.
S&P 500 chart analysis
Last night, the S&P 500 rose to a new all-time high of 5,262.7. This was an hour before the market closed last night, and the index value closed at the level of 5246.1. This brings us back to the support area around the 5245.0 level. On the downside, the EMA 50 is approaching, and it may help to hold above it and start a new positive consolidation.
After that, we can expect a new test of the previous high and a possible formation of a new high. Possible higher targets are 5264.0 and 5270.0 levels. We need a pullback below the 50 EMA to the 5235.0 level to get a bearish option. With downward momentum, we can go down to the weekly opening price at 5228.6. Depending on the behavior at this level, the long-term future trend of the S&P 500 could also depend.
Nasdaq chart analysis
The Nasdaq is in decline this week. On Wednesday we saw a drop to a weekly low of 18156.4. After that, it triggered a recovery, and we were back above the EMA200 and 18250.0 levels. On Thursday, the index moved in the range of 18250-18300.0. Since the market is closed today due to the upcoming Easter holiday, the market closed last night at 18241.8. The Nasdaq settled just above the EMA200 moving average.
We expect to stay above the 200 SMA next week and begin a new positive consolidation. Possible higher targets are 18325.0 and 18350.0 levels. We need to break below the moving average and the 18200.0 level to get a bearish option. This pushes us to visit the previous support area around 18150.0. There, we will be under a lot of pressure not to pull back to a new low thus confirming the bearish momentum.
