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 stayed sideways most of the day until the FED minutes catalyst where it tested last weeks lows. From there we saw a bounce into the close but a relatively flat reaction to NVDA which killed earnings. We are still above support so bulls get the benefit of the doubt with 5370 being the next target area if they break over 5349

If they break below 5300 we would look at 5270 as a major support.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ pushed to new ATHs after hours and pulled back off of it. Now we will watch the structure as they pullback. They are still bullish with 19000 being the next target if they push higher.

If below 18679 we can see a bigger wave 4 play out unless it’s a 5 wave move down.

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.