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S&P 500 and Nasdaq: New Targets and Prices for Wednesday

by October 9, 2024
by October 9, 2024 0 comment
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S&P 500 and Nasdaq: New Targets and Prices for Wednesday

During this morning’s Asian trading session, the S&P 500 had a slight pullback to support at 5730.0
On Tuesday, the Nasdaq index climbed back above the 20,000.0 level and the weekly open price

S&P 500 chart analysis

During this morning’s Asian trading session, the S&P 500 had a slight pullback to support at 5730.0. From that level, we turn again to the bullish side, and now we are at the 5740.0 level. We expect to see a further continuation of the bullish consolidation and climb to the 5750.0 level. We are moving above the daily open level to the positive side. The S&P 500 could then test the previous high at 5757.4.

Potential higher targets are 5760.0 and 5770.0 levels. For a bearish option, we need a negative consolidation and a pullback of the index below the 5730.0 level. With that step, we fall below the EMA 50 moving average and look towards the EMA 200, which is in the 5720.0 zone. Failure to hold even here will cause the S&P 500 to continue its retreat. Potential lower targets are 5710.0 and 5700.0 levels.

 

Nasdaq chart analysis

On Tuesday, the Nasdaq index climbed back above the 20,000.0 level and the weekly open price. We also formed a new weekly high last night at the 20141.7 level. During this morning’s Asian session, the index retreated to the 20010.0 level and made a retest at the weekly open level, turning again to the bullish side. We are currently at 20070.0 and looking at a mild bullish consolidation.

Potential higher targets are the 20150.0 and 20200.0 levels. For a bearish option, we need a negative consolidation and a return below the weekly open level. With that step, we are again turning to the bearish side and will be under pressure to continue the retreat. A step below to the 19900.0 level, we are descending to the EMA 200 moving average. Without its support, the Nasdaq will be exposed to bearish pressure, and we will see another pullback. Potential lower targets are 19850.0 and 19800.0 levels.

 

The post S&P 500 and Nasdaq: New Targets and Prices for Wednesday appeared first on FinanceBrokerage.

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