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 hit the 6300 SPX zone which was our major resistance target and rejected decently back to support. Now we face a short term moment of truth as the 6260 ES level is upper support and a break likely leads us back to 6215-6200. If they hold we can see a direct push to 6400+

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 we saw the NQ breakout and hold stronger than ES. It still hit it’s major resistance and failed but not as hard which is a feather in the cap of the bulls. Just like ES they approach support in the 22800 area and a break would lead us to a MAJOR support zone of 22600. Break that and we could be in for a short term and possibly bigger selloff. Hold and we look at 23500

However, any break of the April 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.