- On Thursday evening, the S&P 500 index fell to 5142.6 levels, marking the lowest level for last week.
- The Nasdaq index fell to 17862.8 on Thursday, a new weekly low.
S&P 500 chart analysis
On Thursday evening, the S&P 500 index fell to 5142.6 levels, marking the lowest level for last week. After that, we saw a recovery and growth until the 5220.0 level on Friday. At the beginning of this week, the movement of the index was very limited in the range of 5195.0-5220.0. We expect this trend to continue until the US inflation news is released tomorrow. This would increase market volatility, and thus the movement of the S&P 500 Index.
By moving above 5230.0 we get rid of the downward pressure and can continue to the upside unhindered. Possible higher targets are 5240.0 and 5250.0 levels. By falling below the 5200.0 level, we will be under more bearish pressure to continue lower. At 5180.0, we form a new weekly low, confirming the bearish momentum. Possible lower targets are 5170.0 and 5160.0 levels.
Nasdaq chart analysis
The Nasdaq index fell to 17862.8 on Thursday, a new weekly low. We have recovered to the 18200.0 level on Friday and the EMA200. We failed to hold above that, and the index fell to 18050.0. Yesterday and today we are moving in the range of 18050.0-18150.0. We need a bounce to 18200.00 to break out of the 200 SMA pressure and return to the positive side.
Possible higher targets are 18225.0 and 18250.0 levels. We need negative consolidation and a pullback below 18050.0 for a bearish option. After that, we are once again under pressure to move down to the 18,000.00 level. It could easily happen that we break below this support and continue lower. Possible lower targets are 17975.0 and 17950.0 levels.
