S&P 500 and Nasdaq: new July lows for the indexes
- Yesterday, the S&P 500 index was under great pressure, resulting in a drop to the 5391.5 level.
- After a month, the Nasdaq index dropped below the 19,000.0 level again yesterday.
S&P 500 chart analysis
Yesterday, the S&P 500 index was under great pressure, resulting in a drop to the 5391.5 level. After forming this low, we revisited that level last night and received concrete support. During this morning’s Asian trading session, the index started a bullish consolidation and rose to 5450.0 levels. Here, we are now testing the EMA 50 moving average and need an impulse above to continue on the bullish side.
This gives us the support of the EMA 50, which would mean further recovery. Potential higher targets are 5480.0 and 5500.0 levels. For the bearish option, we need negative consolidation and a descent to the 5420.0 level. This puts the S&P 500 on track to visit 5400.0, the daily open price. We are close to putting new pressure on this week’s low. Potential lower targets are 5380.0 and 5360.0 levels.
Nasdaq chart analysis
After a month, the Nasdaq index dropped below the 19,000.0 level again yesterday. A new July low was formed at the 18719.5 level. During this morning’s Asian trading session, the index stabilized and initiated a bullish consolidation up to the 19050.0 level. We need a little more to break the EMA 50 moving average and the 19100.0 level. Potential higher targets are the 19200.0 and 19400.0 levels.
For a bearish option, the Nasdaq index would have to initiate a new negative consolidation to the 18800.0 level. This brings us very close to testing yesterday’s low. A new impulse below would push the index to a new low and thus confirm its weakness. Potential lower targets are 18600.0 and 18400.0 levels.
The post S&P 500 and Nasdaq: new July lows for the indexes appeared first on FinanceBrokerage.