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 bounced but was unable to hold the gains closing basically flat on the day. We have support below in the 5750-5650 area and as long as we are above that the market can push for another high. Breaking back over 6170 would be an indication we are on our way to the 6300 area next. Otherwise we could see a B wave bounce to 6125-70.

However if they fail to hold the 5750-5650 area we could see major selling.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also was unable to hold gains and has support below. As long as they can hold that blue support box we can see another rally more directly to the 23000+ area.

However, if they break down below that support we could revisit 21000 quickly.

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.