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 into our 5630 key level and rejected hard from there breaking below the 5602 level and is now setup to test the 5585 level. If they break down through that level we would look to 5562. If that breaks we would look for strong continuation down to the 5475 level next.

If the bulls can hold the 5562 level then they can try to push higher but must clear 5602 then 5630 in order to have any momentum to the upside.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ Bounced up to complete the C leg of our ABC into the resistance area and sold lower. We would now look for a break of Friday’s low and a move towards the 19500-100 levels. From there we would expect a bounce in most counts.

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.