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 continued to keep pressure on to the downside and closed near the lows of the day. We would look for a bounce in most cases on Friday as the NQ is below the 21 week EMA and if it can’t hold above it on it’s first try that would be a bearish outcome. If the bears continue to push we would be looking at the 5000-5020 area next to the downside.

However, if the bulls push back through 5075 then 5095 then we could see a bounce back to the 5200-5250 area in a bigger B wave.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory they stayed below the 21 week moving average and haven’t so much as attempted a bounce. Since it’s Friday today’s close will be extremely important from an overall trend perspective. Closing below 17660 for the week would be bearish. Next targets down are 17450 then 17250

However, if the bulls can push back through the 21 Week EMA then the18000 area then we would look for a potential bounce to the 18240-350 area in a bigger B wave.

Stay Informed with Elliott Wave Theory

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.