S&P 500 and Nasdaq: S&P 500 in sideways consolidation today
- During this morning’s Asian trading session, the S&P 500 index moved above support at 5600.0
- This week’s Nasdaq high was formed on Monday at the 19775.0 level
S&P 500 chart analysis
During this morning’s Asian trading session, the S&P 500 index moved above support at 5600.0. Today’s resistance is at 5627.0, and we need a break above that to get to the weekly open price of 5631.0. With the return above, we are back on the positive side and can hope for further growth to the bullish side. Potential higher targets are 5640.0 and 5650.0 levels.
On the other hand, a bearish option is also a possibility. A negative consolidation below the daily open price could lead to a new daily low, confirming an increase in bearish momentum. This could see the S&P 500 pull back to a new weekly low. Potential lower targets are 5590.0 and 5580.0 levels. The EMA 200 moving average is late down in the 5570.0 zone, indicating a potential bearish trend.
Nasdaq chart analysis
This week’s Nasdaq high was formed on Monday at the 19775.0 level. After that, we see the initiation of bearish consolidation and a drop to 19435.6 levels. The price managed to hold there and stabilize above the EMA 200 moving average and 19450.0. During this morning’s Asian trading session, the Nasdaq initiated a recovery to 19575.0. There, we encountered new resistance and began a pullback to the EMA 200 moving average.
The Nasdaq is now under pressure to move below and form a new daily low. This confirms the bearish pressure, and we expect to see a further pullback to a new weekly low. Potential lower targets are the 19400.0 and 19350.0 levels. For a bullish option, we need to hold above the EMA 200 moving average. If we succeed in that, it remains to start the recovery on the bullish side.
The post S&P 500 and Nasdaq: S&P 500 in sideways consolidation today appeared first on FinanceBrokerage.
