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 cratered on Sunday night only to get slightly bought up on Monday. This buying does favor the bulls at the moment as we are looking at a potential 3 wave move down and a 5 wave move up. If this is the case we should see Sunday’s low hold and the bulls push back through 6113 to give us a strong indication that 6300 is next.

However, if they give us a break of Sunday’s low then we could easily see a slide down to the 5880 area or a break below the blue box.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ took it on the chin as there was a strong tech selloff that we were looking for last week and got. They found support above the prior lows and bounced back in what could be considered a 5 wave move. This puts the advantage in the bulls camp and assuming they can hold the Sunday low we would look to 23000+ overall.

However, if they break below Sunday’s low we likely look to 20400 and possibly lower.

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.