S&P 500 index pulled back, Nasdaq in pullback below 17900.0
On Friday, the S&P 500 pulled back to test the 5100.0 support level.
The Nasdaq index continues its retreat at the start of the week.
S&P 500 index chart analysis
On Friday, the S&P500 pulled back to test the 5100.0 support level. We successfully tested that level and initiated a bullish consolidation above the 5150.0 level. Yesterday, the index’s value rose to 5175.9. We stopped there and began to retreat to the 5150.0 level. During this morning’s Asian trading session, the index failed to move above that level.
There was a drop below 5140.0 and the EMA200 moving average, which is now putting additional pressure on the index. The S&P500 is down to 2130.0, and there is a high chance that it will slide even lower. Potential lower targets are the 5120.0 and 5110.0 levels. We need a positive consolidation and a return above the 5150.0 level for a bullish option. After that, we can hope for the initiation of bullish consolidation and the recovery of the index.
Nasdaq index chart analysis
The Nasdaq index continues its retreat at the start of the week. First, we formed a new low at the 17762.7 level on Friday. After that, yesterday, we watched a break up to the 18100.0 level and formed a lower high there compared to last week’s high. This confirmed that the index is still in a bearish trend. New confirmation was a drop below the 18000.0 level and the EMA200 moving average.
This increases the pressure on the already weakened Nasdaq, pushing it below the 17900.0 level. We are currently at 17880.0 at a new daily low. Bearish momentum could let us easily reach the weekly open price. Below that, we are on track for a new lower low in relation to Friday. Potential lower targets are 17800.0 and 17700.0 levels.
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