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 traded higher to start the week as expected and now has a new support level. This week is traditionally bullish and has a bull trend heading into it so the usual scenario is a grind/drift higher. If they do the next target is 4585 and if they break 4607 SPX the bulls are firmly in control.

However, if they can break 4451 then 4500 the bears may be able to drop the market unexpectedly.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ has a similar setup and seasonality to ES. The next targets higher are 16194-16214 and I if they grind through that 16250 would be the next area to watch.

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.