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 gave us a bounce that took out the 5610 key futures level. This means the ES failed to make a clean 5 down and now looks to be in the B portion of an ABC. Assuming the bears can hold below 5630-50 we would look for them to hold and push down in a C leg toward 5475.

If the bulls can break back over 5650 we would count the pullback as likely in and look to the 5831 area next.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ has a 5 wave pattern but would look better with one more low. If the bears can hold 20200-300 and push back down below last weeks low we would look for them to hit the 19500 area and have a much cleaner 5 down.

The bull will want to push back over 20200 and a break over 20360 could lead to a push back towards the 20500 area next. Over that and new ATHs are on deck.

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.