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 grinded it’s way higher to a slightly higher high before trading sideways most of the afternoon. Now as we head into CPI we have strong overhead resistance and the expectation would be for that to hold and provide a pullback. If they do they need to break Thursday’s low at around 4350 to signify the pullback is happening. If they give us a 3 wave pullback it’s bullish and we would be looking higher towards 4550+ next.

However, if it’s a 5 wave decline we will continue to monitor the bearish count and the overall target of 3000-3300

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ ran higher as well and took out a key level at 15450. Now it’s bearish count becomes less likely to play out. This means that the NQ has tried to complete a 5 wave move off of the lows to give us a wave 1 of 5 up and we would now be watching the ES for clues. 3 waves on the ES pullback is bullish.

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.