- During yesterday's US session, the S&P 500 index hit a new all-time high at 5048.8.
- Yesterday, the Nasdaq was above 18,000.0 for the first time in its history.
S&P 500 chart analysis
During yesterday's US session, the S&P 500 index hit a new all-time high at 5048.8. After stopping at this level, the index value begins to decline below the 5020.0 level. During the Asian trading session, the index failed to breach the 5020.0 level. This led to increased downward pressure, and the S&P 500 index fell to 5006.0 levels. Now, we expect to see further decline and a visit to the 5000.0 level.
Possible lower targets are 4990.0 and 4980.0 levels. If we can stay above 5000.0, the index may start consolidating upwards and head towards yesterday's high. Before that, we will have to settle above 5020.0 if we plan to see a meaningful recovery. Possible higher targets are 5040.0 and 5060.0 levels.
Nasdaq chart analysis
Yesterday, the Nasdaq was above 18,000.0 for the first time in its history. A valuable top was formed at the level of 18041.3. After that, we stopped at this level and started to fall below the 17900.0 level. During the previous Asian trading session, the index tried to return above the 17900.00 level, but its attempt failed. In the European Union session, we see a continuation of the decline to the level of 17773.0.
We are now focusing on the EMA200 moving average as it is located in the area around 17700.0 levels and can offer us some support. If not, a drop lower will follow and a new low will be formed for this week. Possible lower targets are 17600.0 and 17500.0 levels.
