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 traded higher for Thanksgiving week as expected and now we look to the market pulling back. We should be looking to break the 4538 level followed by 4500 to tell us the pullback has begun. From there we would look for the SP500 to pullback towards the 4350-4300 area in 3 waves. If they can’t break support 4585 is the next target.

However, if we get 5 waves down off of the top then we may be headed much lower.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also traded higher but isn’t quite as clear as the ES. It has a fully bullish setup and would need to see the 5 wave pullback on ES to change our attitude about it’s bullish potential. We still look for a pullback into the 15000-15200 area for a wave 2. If they can’t break support 16225 is next.

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.