- The S&P 500 fell to 5060.0 on Tuesday.
- The Nasdaq index also fell to 17803.0 levels on Tuesday.
S&P500 chart analysis
The S&P 500 fell to 5060.0 on Tuesday. After that, we were able to get support at this level and start consolidating upwards. By surpassing the 5090.0 level, the index gained support from the EMA200 moving average. With the new support on Thursday, we saw an upward consolidation and a jump to the 5165.0 level. During the Asian trading session, we saw a brief pullback to the support at the 5150.0 level.
With new upward consolidation from this level, we rise today to 5169.3, a new all-time high. We stop at this level and return to 5155.0. There are high chances that we will see a new push and jump to a new high. Possible higher targets are 5170.0 and 5180.0 levels. We need to pull back below the 5150.0 support level to get a bearish option. As downward momentum increases, we will have to continue to pull back and test the lower levels.
Nasdaq chart analysis
The Nasdaq index also fell to 17803.0 levels on Tuesday. After receiving support, we recovered and returned above the 18300.0 level last night. With this jump, we retest the weekly resistance area and all-time high at 18339.9. Today's support for the index value is the level of 18232.0 and we continue to move in this range between support and ATH.
We need a stronger push to take control and form a new high. Possible higher targets are 18400.0 and 18500.0 levels. For the bearish option, we need a pullback below the daily low. With this step, we are moving away from our target and heading towards the downside. Possible lower targets are 18200.0 and 18150.0 levels.
