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 blew through support and destroyed all living bears. They pushed up over 4500 and are now in a wave 5 target area. We can see them push as high as 4585 before we have to shift to a 4650+ target. Assuming they hold resistance we would look for a pullback towards 4300 before the next push higher.
However, if it’s a 5 wave decline we will continue to monitor the bearish count and the overall target of 3000-3300
NASDAQ Technical Analysis
Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ exploded higher and left the bears for dead. They invalidated the immediate diagonal pattern and now look to complete a wave 1 off of the lows and then we would look for a pullback toward 15000 before resuming higher in a breakout pattern.
However, if the ES gives us a 5 wave pullback then we may need to shift back to the bearish count.
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.
