The S&P is training to a new all-time high. When the price is trading at a new high, there is no prior history that traders can target from a price perspective. We are in a open-air area.
However, technical tools can be used to forecast the next target/risk levels.
In this video, I look at those targets. One of those targets is being tested right now.
Meanwhile, the NASDAQ index is on fire with a gain of 1.55%. That index is now up 0.94% on the week. Meta leads the way with a gain of 21.44%. Nvidia shares are up 4.76%. Amazon shares are up 7.92%. The high close back to January 2022 is at 15628.04 (January 29 close). The high price today just reached 15603.53 so far. That high close is the next target.
The all-time high close for the Nasdaq is at 16057.44 (November 17, 2021 close). The all-time intraday high was at 16212.23. The Nasdaq is still nearly 4% from the all-time intraday high
