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 sold off to start the day before ripping higher back to Monday’s highs and giving it up a bit at the close. Now we enter the interesting part of the week where FED speakers and earnings catalysts can give us more information on what’s next for the market. Break Tuesday’s low and we likely dive to 6440 ES. Break over 6750 and it’s back to 6850-6900. The coming days should give us a clear winner.

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 act more as a dog today. Although it did sell off then rocket higher it was unable to get to Monday’s highs and ultimately was red most of the day pulling down the market at the close. The MAG7 was very weak in comparison to the market and they tend to push the market in the direction they are going. If they break Tuesday’s low we look to the 23600 area. If they break back over Monday’s high we look to the 25450 area next.

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.