S&P 500 and Nasdaq: S&P 500 faces resistance this morning
During this morning’s Asian trading session, the S&P 500 rose to 5655.2 This week’s high of the Nasdaq index was formed this morning at the 19635.7 levelS&P 500 chart analysis
During this morning’s Asian trading session, the S&P 500 rose to 5655.2. We did not have the strength to go above, and the index began to retreat below the weekly open price until the 5610.0 level. All indications are that we could see a continuation to the bearish side to 5605.0 and the EMA 200 moving average. This is where we expect the S&P 500 to break new support or slow further retreat.
Potential lower targets are the 5600.0 and 5590.0 levels. For a bullish option, we need a positive consolidation and a return above the 5630.0 level. There, we get support from the EMA 50 moving average for further continuation to the bullish side. With a jump to 5650.0, we will skip the weekly open price and return to the positive side again. Potential higher targets are the 5660.0 and 5670.0 levels.
Nasdaq chart analysis
This week’s high of the Nasdaq index was formed this morning at the 19635.7 level. For a move above, we had no strength, and a pullback down to 19480.0 and the EMA 200 moving average was initiated. On the first occasion, the index received the required support and rose to the daily open price of 19597.4. Here, we encounter a new open and turn to the bearish side again. After that, we saw a strong bearish impulse that pushed us to 19400.0, a new daily low.
Again, we are below the EMA 200 moving average, and the potential lower targets are the 19350.0 and 19300.0 levels. For a bullish option, we would need to see a new retracement of the Nasdaq above the EMA 200 and 19500.0. Then, we need to hold ourselves there before continuing the recovery. Potential higher targets are 19550.0 and 19600.0 levels.
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