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 sideways for the day giving us no real indication a pullback has begun. We are still looking for the 4538 area to break then 4500. If the bears can break down through there we would be looking at the structure to determine what kind of move down we are getting. As it stands right now we would look for 3 waves to the 4300-4350 area. This would be the bullish path.

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 sideways and we expect a pullback sooner than later. While they can still push higher the overall market is stretched and a pullback would go a long way to setup the next move. We are favoring the bulls and a pullback to the 15000-15200 areas and then a strong move to ATHs. But if we see 5 down on ES we may have to adjust that overall outlook.

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.