The S&P 500 and Nasdaq have been bullish this week
On Friday, the S&P 500 index rose to 5559.4, a new weekly high
Early this morning, the Nasdaq index rose to 19578.3, forming a new weekly high
S&P 500 chart analysis
On Friday, the S&P 500 index rose to 5559.4, a new weekly high. Since Monday, we have been in a strong bullish consolidation with the support of the moving averages. After the formation of today’s high, the index stopped there, so we will see the initiation of bearish consolidation up to the 5535.0 level. Bearish momentum is slowly building that could prolong this pullback.
Potential lower targets are 5520.0 and 5500.0 levels. Additional support in the 5500.0 zone is in the EMA 50 moving average. The 200 EMA is lagging behind the price and hovering around 5410.0. We need a positive consolidation and a return above the 5540.0 daily open price for a bullish option. If the S&P 500 stabilizes above this level again, the chances of seeing a new weekly high increase. Potential higher targets are 5560.0 and 5580.0 levels.
Nasdaq chart analysis
Early this morning, the Nasdaq index rose to 19578.3, forming a new weekly high. At that level, the bullish momentum fell, and we had to initiate a pullback. The index is now below the daily open price at 19442.0, which could strengthen the bearish consolidation and bring it down to lower levels. Potential lower targets are the 19400.0 and 19300.0 levels.
The first additional support is the EMA 50 moving average in the 19250.0 zone. Since Monday, we have had constant support from the EMA 50, so we expect it now. For a bullish option, we need a positive consolidation and a return above the 19460.0 daily open price. This brings us back to the positive side and strengthens the optimism to continue on the bullish side. Potential higher targets are 19600.0 and 19700.0 levels.
The post The S&P 500 and Nasdaq have been bullish this week appeared first on FinanceBrokerage.
