Connect with us

Hi, what are you looking for?

Trading Secrets

S&P500 and Nasdaq indices: S&P500 goes to new high at 5169,3

S&P500 and Nasdaq indices: S&P500 goes to new high at 5169,3

The S&P500 index retreated to 5060.0 on Tuesday. The Nasdaq index also had a pullback to 17803.0 levels on Tuesday.

S&P500 index chart analysis

The S&P500 index retreated to 5060.0 on Tuesday. After that, we managed to get support at that level and start a bullish consolidation. By crossing above the 5090.0 level, the index received the support of the EMA200 moving average. With new support on Thursday, we saw bullish consolidation and a jump to the 5165.0 level. During the Asian trading session, we saw a short pullback to support at the 5150.0 level.

With a new bullish consolidation from that level, we are climbing today to 5169.3, a new all-time high. We stop at that level and return to 5155.0. Chances are high that we will see a new impulse and jump to a new high. Potential higher targets are 5170.0 and 5180.0 levels. We need a pullback below the 5150.0 support level for a bearish option. With increased bearish momentum, we would be forced to continue the pullback and test lower levels.

Nasdaq index chart analysis

The Nasdaq index also had a pullback to 17803.0 levels on Tuesday. After receiving support, we recovered and returned above the 18300.0 level last night. With this jump, we retest the weekly resistance zone and all-time high at 18339.9. Today’s support of the index value is 18232.0 level and we continue to move in that range between support and ATH.

We need a stronger impulse to take us over and form a new high. Potential higher targets are 18400.0 and 18500.0 levels. For a bearish option, we need a pullback below the daily low. With that step, we move away from our goal and turn to the bearish side. Potential lower targets are 18200.0 and 18150.0 levels.

The post S&P500 and Nasdaq indices: S&P500 goes to new high at 5169,3 appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...