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 blasts higher moving above our resistance box which is a feather in the bulls cap. Breaking through here without pulling back is a bullish sign. However the story remains that the next pullback will tell the story and when it does pullback a 3 wave pullback will indicate a run to 6350-6400 and a 5 wave pullback will indicate the market is setting up for a larger decline. Keep in mind that that moving above that 5840 levels puts the bulls in control but until we see the pullback we must keep an open mind.

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 ran through the resistance box to the next levels of resistance. Now we are looking at the bulls trying to setup a push to all time highs. To succeed the next pullback will need to be corrective in nature and this would be a 3 wave move. If we see that then 22000-23000 is likely. If it’s a 5 wave move down we look for a bigger bear market setup.

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.