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 sold off sharply down towards our target area and now we are looking for a bounce back to the 5510 area for a potential wave iv of 3 or 4 of C. Overall the 21 WEMA is just below around 5400-5385 and I would expect a test of that zone if the bears can break 5450

If the bulls can push back over 5611 that would be the first sign of a rally/trend change in the opposite direction with over 5630 confirming it.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ sold sharply lower into our target area. We would like to see a bounce from the NQ here as the wave 5 is getting a little long. If they can bounce we would look to the 20072 area as a signal that we are in a bigger bounce with 20286 being a sign of a breakout.

The bears can push lower and spike the 21 WEMA before reversing but I am not sold on a direct meltdown just yet. They will have to break 18500 then the April lows before I get onboard.

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.