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 broke down strongly breaking through key support levels at 5585 and 5540 pushing through the .236 retrace. This is our first indication we are looking at a bigger B wave pullback. Now we want to see a 3 wave bounce then a strong move down that breaks yesterday’s low toward our 5400-5350 target.

If we see 5 down that would be a very bearish indication and a bigger correction.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also broke down strongly through key support and is now pushing towards the 18700-400 target area we have been talking about for about 2 weeks. As long as they hold that area and start a 5 wave move up we can see new highs.

If the pullback shifts into a 5 wave move we would look to be more bearish and look for a corrective bounce.

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.