The S&P 500 Index: All-Time Highs and Bearish Consolidation

The S&P 500 index rose yesterday to 5261.4, a new all-time high.
A new all-time high for the Nasdaq was formed yesterday at 18467.2.

S&P 500 index chart analysis

The S&P 500 index rose yesterday to 5261.4, a new all-time high. We stop there and, from there, start a bearish consolidation that continues today. Today’s low is at the 5232.0 level and here we are approaching the EMA50 moving average in hopes of its support. That could trigger a bullish consolidation and move us above the 5250.0 level.

Thus, we climb to a new daily high and approach the ATH. We would be a step away from him. Potential higher targets are 5270.0 and 5280.0 levels. We need a negative consolidation and a drop below the EMA50 and 5225.0 for a bearish option. With that, we go to a new daily low and confirm the bearish momentum. Potential lower targets are 5220.0 and 5210.0 levels.

Nasdaq chart analysis

A new all-time high for the Nasdaq was formed yesterday at 18467.2. After its formation, the index begins to retreat and falls below the 18300.0 level. During the Asian trading session, we moved in the 18300.0-18350.0 range. The price was bearish in the previous hour, and we saw a break below the support level. We are now at 18275.0 and testing the EMA50 moving average.

A new fall below sends us to a new daily low and thus only strengthens the bearish pressure. Potential lower targets are 18200.0 and 18150.0 levels. Additional support in the zone around 18125.0 is the EMA200 moving average. Suppose we manage to stay above the EMA50 at the current level of 18275.0. We will be in a good position to initiate a bullish consolidation. Potential higher targets are 18350.0 and 18400.0 levels.

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