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S&P 500 index and Nasdaq: May high for S&P 500 at 5240.0

S&P 500

S&P 500 index and Nasdaq: May high for S&P 500 at 5240.0

  • Yesterday, a new May high on the S&P 500 index was formed at the 5240.3 level.
  • On Friday, the Nasdaq index rose to 18250.6, forming a May high there. 

S&P 500 chart analysis

Yesterday, a new May high on the S&P 500 index was formed at the 5240.3 level. Until Friday, the index moves in the 5210.0-5240.0 range. During this morning’s Asian trading session, we find support at the lower level along with the EMA50 moving average. A mild bullish consolidation above the 5223.0 level has been initiated. Now, we are trying to hold above there in order to start a further recovery to the bullish side.

Potential higher targets are 5230.0 and 5240.0 levels. We need a negative consolidation and a drop below the 5215.0 weekly open price for a bearish option. This moves us into negative territory, strengthening the bearish momentum. Potential lower targets are 5200.0 and 5190.0 levels. EMA200 moving average is in the zone of 5175.0 levels.

S&P 500 Index Chart Analysis

Nasdaq chart analysis

On Friday, the Nasdaq index rose to 18250.6, forming a May high there. Yesterday and today, the index moves in the 18150.0-18250.0 range. We received support from the EMA50 moving average this morning and are now at 18200.0. We expect to see a continuation up to 18250.0 and test previous highs. Potential higher targets are 18275.0 and 18300.0 levels.

We need a negative consolidation and a pullback below the EMA50 at the weekly open price for a bearish option. This puts pressure on the 18145.0 level. A bearish impulse would lead to a drop to a new low and thus confirm the presence of bearish momentum. Potential lower targets are 18125.0 and 18100.0 levels.

Nasdaq chart analysis

The post S&P 500 index and Nasdaq: May high for S&P 500 at 5240.0 appeared first on FinanceBrokerage.

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