S&P500 and Nasdaq: Nasdaq under pressure at 18000.0
Last Friday, the S&P500 index rose to a new all-time high at 5188.5 level.
The Nasdaq index formed a new all-time high on Friday at 18418.4.
S&P500 index chart analysis
Last Friday, the S&P500 index rose to a new all-time high at 5188.5 level. After which we saw a strong bearish impulse and a pullback of the index to 5117.0 levels. On Monday, the value of the index continued to retreat to a new weekly low at the 5090.0 level. After the new support, we move above the EMA200 and 5110.0 levels. Below, we initiate a bullish consolidation and climb above the 5130.0 level this morning.
This leads to the formation of a new weekly high at the 5143.0 level. For now, we are holding below and pulling back slightly to 5128.0 support. Here, we could expect strong support, from which we would jump over the previous high with a new impulse and form a new one. Potential higher targets are at the 5150.0 and 5160.0 levels.
Nasdaq index chart analysis
The Nasdaq index formed a new all-time high on Friday at 18418.4. After that, they saw a strong bearish consolidation and a drop to 18000.0 levels. Additional pressure created a drop below the EMA200, so on Monday, we fell even lower to 17875.3 levels. There, we formed a new weekly low and then managed to hold above and start a bullish consolidation. This morning, we are back above the 18000.0 level.
During the Asian session we climb above the EMA200 to the 18080.0 level. We fail to hold up there and slide back down to the 18000.0 support level. We expect to return above 18050.0 in the rest of the day and start a further recovery on the bullish side. Potential higher targets are 18100.0 and 18120.0 levels.
The post S&P500 and Nasdaq: Nasdaq under pressure at 18000.0 appeared first on FinanceBrokerage.
