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 moved down sharply to start the day but found a bottom and rallied like crazy into the close and is now pointing towards our 5700 area next. Assuming they can follow through and get into that zone we would look for rejection somewhere around that area. They can extend all the way to 5840 but above that and new ATHs are very likely. The next major pullback will tell the story. 3 wave pullback and we look to new ATHs next. 5 waves and we look down in a big way.

However, any break of the April lows would likely end up with an end to the bull market.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also sold sharply at the beginning of the day only to rally strongly and close green creating a massive hammer candle on the daily chart. This is now pointing north of 19850 and should they get above that they have room to 20500 to create a pullback. However, if they break directly over 20500 start looking to 23000+ next.

However, any break of the recent lows would likely end up with the end of the 100 year bull market.

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.