S&P 500 and Nasdaq continue to recover to new highs
- Yesterday, we saw a continuation of the S&P 500’s bullish trend from last week
- Yesterday, the Nasdaq found new support at the 19400.0 level
S&P 500 chart analysis
Yesterday, we saw a continuation of the S&P 500’s bullish trend from last week. The index got new support at 5550.0; after the check, a bullish consolidation was started up to the 5600.0 level. During this morning’s Asian session, the movement of the index was slowed down in the range of 5600.0-5620.0. There are no changes in the trend in the EU session, and we are now waiting for the US session to increase the volume. There are good chances to start further growth and form a new high. Potential higher targets are 5640.0 and 5660.0 levels.
For a bearish option, the S&P 500 must drop below the 5600.0 daily open price. With that step, we will see the formation of a new daily low and confirm that we are moving to the bearish side. After that, it remains for the index to start retreating to lower levels. Potential lower targets are 5580.0 and 5560.0 levels. Additional support in the 5560.0 zone is the EMA 50 moving average.
Nasdaq chart analysis
Yesterday, the Nasdaq found new support at the 19400.0 level. After that, the index started a bullish consolidation up to 19839.7. During this morning’s Asian session, the movement took place in the 19760.0-19840.0 range. Tuesday is quite quiet, and we await the start of the US session for increased volatility. There is a higher chance that we will see a continuation of the bullish side and create a new weekly high.
Potential higher targets are 19900.0 and 20000.0 levels. For a bearish option, we need the Nasdaq to drop below the daily open price. With that step, we will form a new daily low and confirm that we are losing the previous bullish momentum. This will increase the pressure on the index and continue its retreat to a new low. Potential lower targets are 19700.0 and 19600.0 levels.
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