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 chopped sideways and closed at the lows and now the bulls are facing key support. Assuming they can hold 5255 we would be looking for a bounce in the upward direction towards the 5350 level to complete wave (3). From there one more pullback and one more high would be the standard path.

However, breaking below 5255 then 5166 then our blue box and we could see the bears show their teeth.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ sold a bit into the close but held the Monday lows. Assuming they can hold that area we would look for a push higher to the 18850-900 area next. Then one more pullback and push to complete the pattern. If they can’t hold 18383 then 18200 becomes an important zone of support.

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.