S&P 500 Index and Nasdaq: S&P 500 is back above 5200.0

• After a month, the S&P 500 index returned above 5200.0. 
• At this moment, we see the value of the Nasdaq index at a new weekly high at the 18207.7 level.

S&P 500 chart analysis

After a month, the S&P 500 index returned above 5200.0. During this morning’s Asian session, we continued to grow up to 5236.3 levels. A new weekly high has been formed, and we expect to continue the positive consolidation and climb to a new high. Potential higher targets are 5240.0 and 5250.0 levels.

We need a negative consolidation and pullback below the 5125.0 daily open price for a bearish option. With that, we move to the negative side and form a new daily low. In the zone of 5200.0 levels we meet the EMA50 moving average, which helped us on two occasions this week in our bullish journey. Potential lower targets are 5180.0 and 5160.0 levels.

Nasdaq chart analysis

At this moment, we see the value of the Nasdaq index at a new weekly high at the 18207.7 level. During this morning’s Asian trading session, we broke above 18150.0, this week’s resistance zone. We expect to continue further growth and visit higher levels. Potential higher targets are 18250.0 and 18300.0 levels.

We need a negative consolidation and pullback below the 18100.0 level for a bearish option. With that, we fall to the daily low and confirm that the Nasdaq is under some pressure and could easily continue on the bearish side. We lose the support of the EMA50 moving average in that zone, and it shifts to the bearish side. Potential lower targets are 18050.0 and 18000.0 levels. The EMA200 moving average is down at the weekly open price at the 17900.0 level.

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