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 was unable to hold support and broke 4242 leading us directly to new lows. Now the bears are looking to extend to the 4150-70 ES area and get a small bounce before looking to the 4096 area for wave 1 of C. From there we would expect a strong rally as it would be coming off a leading diagonal.

If however, the bulls can hold 4170 SPX and produce a 5 wave structure off of the lows then we can see one last attempt at a breakout.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also pushed lower and is now getting near the 1.0. We would expect the bears to continue pushing to the 14250 area before a bounce then down to 13850. From there we would look for a wave 4 bounce.

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.