S&P 500 and Nasdaq under heavy bearish pressure this week
A new weekly low for the S&P 500 index was formed today at the 5457.6 level
Today, the Nasdaq retreated to 18663.4 to a new weekly low
S&P 500 chart analysis
A new weekly low for the S&P 500 index was formed today at the 5457.6 level. During this morning’s Asian session, we had an attempt to hold above the 5480.0 level. We failed to do so and saw a break below that brought us down to today’s low. For now, the S&P 500 is managing to hold on to this low and has a chance to start a recovery. If it does not succeed, we will go to a new low and extend the bearish scenario.
Potential lower targets are 5440.0 and 5420.0 levels. For a bullish option, we need a positive consolidation above the 5500.0 daily open price. Then, we need to stabilize up there before continuing further growth to the bullish side. Potential higher targets are 5520.0 and 5540.0 levels.
Nasdaq chart analysis
Today, the Nasdaq retreated to 18663.4 to a new weekly low. This morning’s attempt to hold above 18800.0 was unsuccessful, and we started to pull back. The index is now at 18710.0 and is trying to stay in the support zone. If the pressure continues in the US session, the Nasdaq will have to drop to a new weekly low. Potential lower targets are 18600.0 and 18500.0 levels.
For a bullish option, we need a positive consolidation and retracement above the 18900.0 level. This brings us back above the daily open price and increases our chances of seeing a continuation on the bullish side. We find support in the EMA 50 moving average, reinforcing the new bullish momentum. Potential higher targets are 19000.0 and 19100.0 levels.
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