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S&P 500 and Nasdaq: Nasdaq rises to new high on Friday

by August 9, 2024
written by August 9, 2024

S&P 500 and Nasdaq: Nasdaq rises to new high on Friday

The S&P 500 index managed to climb to a new weekly high this morning at 5349.7.
On Friday, the Nasdaq climbed to a new weekly high at the 18533.5 level.

S&P 500 chart analysis

The S&P 500 index managed to climb to a new weekly high this morning at 5349.7. The index has been in a strong bullish consolidation since yesterday’s drop to 5150.0. We now have new resistance at today’s high and see a pullback below the EMA 200 moving average. The S&P 500 is now at 5305.0, and we are close to the 5300.0 support level. The EMA 50 moving average has added support in that zone. If the support weakens, a drop to a new daily low will follow.

Potential lower targets are 5275.0 and 5250.0 levels. For a bullish option, we need a positive consolidation, a return above 5340.0, and the EMA 200 moving average. Then, the S&P 500 needs to stabilize there to trigger further bullish consolidation. Potential higher targets are 5375.0 and 5400.0 levels.

 

Nasdaq chart analysis

On Friday, the Nasdaq climbed to a new weekly high at the 18533.5 level. We stayed there for a short time because the index started to lose its previous momentum. Additional pressure in that zone in the EMA 200 moving average influenced us to see the Nasdaq retreat to the 18310.0 level. The bearish momentum is strengthening, and it is possible that we will see a pullback of the index by the end of the day. Potential lower targets are the 18200.0 and 18000.0 levels.

For a bullish option, we need a positive consolidation and retracement back to 18500.0 and the EMA 200 moving average. This time we need support from the 200 EMA to continue to the bullish side. If we manage to stabilize, we will be in a good position to see the Nasdaq recover to higher levels. Potential higher targets are 18800.0 and 19000.0.

 

The post S&P 500 and Nasdaq: Nasdaq rises to new high on Friday appeared first on FinanceBrokerage.

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