S&P 500 and Nasdaq: S&P 500 at 5545.0 this morning

S&P 500 chart analysis

This Friday, the S&P 500 index’s new all-time high was formed at the 5545.0 level. We are now looking at a slight pullback to the 5536.0 level. We expect to see a test of the daily open price at the 5532.5 level. If the support does not hold, the index will have to move below to a new daily low. The EMA50 moving average will have a chance to stop this pullback at the 5525.0 level.

Potential lower targets are the 5520.0 and 5510.0 levels. EMA200 is in the 5495.0 zone. We need a new positive consolidation and a return to the above 5540.0 level for a bullish option. We are within reach of testing the previous high. With momentum above the S&P 500, it is heading to a new all-time high. Potential higher targets are the 5550.0 and 5560.0 levels.

Nasdaq chart analysis

During this morning’s Asian trading session, the Nasdaq index climbed to a new all-time high at the 20234.4 level. We are now also very high at the 20210.0 level and are waiting for a new impulse to take us above. Potential higher targets are 20300.0 and 20400.0 levels. We need the Nasdaq to fall below the daily open price of 20143.0 for a bearish option.

This would mean we have momentum that could trigger a more specific bearish consolidation. At 20100.0, we encounter the EMA50 moving average. If the support is not enough, the index’s value will have to move below a new daily low. After that, Nasdaq will have an opportunity to look for a new support level. Potential lower targets are the 20000.0 and 19900.0 levels. Additional support for the index is the EMA200 in the 19900.0 zone.

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