S&P 500 and Nasdaq: Targets and Prices for Friday
- On Wednesday, a new all-time high for the S&P 500 was formed at the 5797.8 level
- On Thursday, we saw the Nasdaq index jump to 20325.5, a new October high
S&P 500 chart analysis
On Wednesday, a new all-time high for the S&P 500 was formed at the 5797.8 level. After that, the index goes into lateral consolidation in the 5765.0-5795.0 range. Todayâ€
Potential lower targets are $5760.0 and $5750.0 levels. If we get support from the EMA 50 moving average, we expect to see the initiation of a bullish consolidation and return to the daily open level. The S&P 500 will have enough momentum to move above. A new support would be ideal for a continuation to a new all-time high. Potential higher targets are 5800.0 and 5810.0.
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Nasdaq chart analysis
On Thursday, we saw the Nasdaq index jump to 20325.5, a new October high. The index loses momentum at that level and moves to the 20200.0 support level. During this morningâ€
Potential lower targets are 20100.0 and 20000.0 levels. The Nasdaq needs to stay above the weekly open level until the end of the day because that would leave it on the bullish side. If we manage to get the support of the EMA 50 moving average at 20200.0, the index could start a bullish consolidation. After that, we will see a return above the daily open level and a test of the weekly high. Potential higher targets are 20400.0 and 20500.0 levels.
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