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 shot down but held support. Now it has a breakout setup if the bulls can follow through. Over 5290 and the bulls have a pretty good setup to rally toward the 5360-5400 area we’ve been speaking about for a couple of weeks.

However, if they break back below last weeks lows then we would look for the selling to accelerate and test the blue box below on the chart.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ has a nice 1,2,i,ii breakout setup in a C wave that would take us to 18850-19129. If the bulls can break through the key level of 18557-18625 this becomes the likely path that leads us to those levels.

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.