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 failed a breakout attempt and collapsed the rest of the day closing below it’s 21 DEMA and just above a critical support area. Now as we head into Friday’s weekly close the bulls must show up or they could be run out of here for the week. The bears are looking to break 5150 and move towards the blue box in the 5120’s area. Through that and they can recapture the market.

However, if they break back over 5242 then we would look back to a potential run to new ATHs

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ failed to break resistance and collapsed back into a critical support zone. They need to hold the 18000 area or they are at risk of losing the bull run to the bears. If the bears can break below 18000 then we would look to 17400 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.