Welcome to the captivating world of SP500 technical analysis, where we unlock the secrets of the market using Elliott Wave Theory. Join us on this journey as we delve into the latest insights and trends shaping today’s trading session.

SP500 Technical Analysis

In our SP500 technical analysis using Elliott Wave Theory the market took a dive over the last half of the week. Now the bears have regained control and we look for them to follow through to the 4096 area. If they break 4200 directly we would look for a direct path to the lows, but if we see a corrective bounce we may see a B wave first before we drop on down.

If however, the bulls can hold 4170 SPX and start a 5 wave rally that takes back 4422 ES then we could look at the bulls as taking back control and building towards the 4800 area.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NASDAQ also took a dive and is now looking at two potential paths. With the bears in control our primary is for the bears to continue the selling into the 13858 area. This would conclude C of iii in a bigger wave 1 diagonal to the downside.

However, if they are able to hold the 14400 area, we would look to the bulls to rally in 5 waves and try to take back control of the market.

Stay Informed with Elliott Wave Theory

As we continue our journey through SP500 and NASDAQ technical analysis, guided by the powerful Elliott Wave Theory, our goal is to keep you well-informed about the market’s ever-evolving trends and the abundant opportunities it offers. Think of it as having a trusty compass in the vast sea of trading, helping you navigate through the dynamic landscape of today’s financial markets.

So, stay tuned for more updates and insights, and may your trading journey be as thrilling as the markets themselves.