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 started its grind higher and has reached heavy resistance. This area will be telling as to what happens next. We would look for the bulls to pullback a little but hold 6050ish before breaking through 6100 and ultimately 6120 to give us a strong indication we are on our way to 6300+

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 outperformed the ES and pushed higher as well. It’s in a potential breakout setup and at it’s next resistance as well. Assuming they can hold 21400ish and break back over today’s high we would look to the 21900 area next. This would be a strong sign that 23000+ is next.

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.