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 sideways again testing both the highs and the lows but failing to break either. Given overall price action, I would look for one more high into the 4585-90 area before we see a breakdown of support. Ultimately though if we break 4538 that would be an indication that we have begun the pullback. If they fail to make a new high I would expect a 3 wave pullback to the 4350-4300 area.

However, if we get 5 waves down off of the top then we may be headed much lower.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also traded sideways and we expect a pullback sooner than later. We could see the NQ push higher but it’s not uncommon to see choppy behavior on a corrective pullback before support breaks. Because of this we would look for them to break down below support at the 15900 level and follow through to 15800

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.