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 gapped down and then fought back as we closed near flat and the bulls maintained control. 5791 was the key support and as long as that held the bulls could consolidate or breakout from these levels and they chose to consolidate. That means tomorrow the same levels are the key 5850 to the upside would lead to 6075 more directly and 5791 then 5760 would lead to the 5600-5660 area.

If the market breaks down under 5560 this is a warning to the bulls.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ gapped down and battled back and is now consolidating at the prior lower high. If they can push through 20500 then we likely jam to 21050 pretty directly. A break of 20200 can lead us down to the 19200-500 area.

A break of 19000 would be a major warning to the bulls.

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.