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  /  Market Overview   /  The S&P 500 rises to a new high, Nasdaq takes a step back

The S&P 500 rises to a new high, Nasdaq takes a step back

The S&P 500 rises to a new high, Nasdaq takes a step back

Last night, the S&P 500 rose to a new all-time high at 5262.7. 
The Nasdaq is on a pullback this week. 

S&P 500 chart analysis

Last night, the S&P 500 rose to a new all-time high at 5262.7. That was an hour before the market closed last night, and the value of the index closed at the 5246.1 level. This brings us back to the support zone around the 5245.0 level. On the downside, the EMA50 is approaching, and it could help to hold above it and start a new positive consolidation.

After that, we can expect new testing of the previous high and the possible formation of a new one. Potential higher targets are 5264.0 and 5270.0 levels. We need a pullback below the EMA50 to the 5235.0 level for a bearish option. With bearish momentum, we could go down to the weekly open price at the 5228.6 level. Depending on the behaviour at that level, the future longer-term trend of the S&P 500 could also depend.

Nasdaq chart analysis

The Nasdaq is on a pullback this week. On Wednesday we saw a drop to the weekly low at 18156.4 level. After that, it triggered a recovery, and we are back above the EMA200 and 18250.0 levels. On Thursday, the index moved in the 18250.0-18300.0 range. Since the market is closed today due to the upcoming Easter holiday, the market was closed last night at the 18241.8 level. The Nasdaq settled just above the EMA200 moving average.

We expect to remain above the EMA200 next week and start a new positive consolidation. Potential higher targets are 18325.0 and 18350.0 levels. We need a drop below the moving average and the 18200.0 level for a bearish option. This moves us to visit the previous support zone around 18150.0. There, we will be under great pressure not to fall below at new low and thus confirm the bearish momentum.

 

The post The S&P 500 rises to a new high, Nasdaq takes a step back appeared first on FinanceBrokerage.