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 continued to grind higher through thanksgiving week and is now back at/above the highs. We are in a sloppy overlapping pattern and there is still strong potential to push higher towards the 6300+ area. We could see a medium pullback in the short term before launching but unless support breaks we look higher.

If they break support below 5850 then we can start to look at a smaller pullback to potentially the top being in depending on structure and setups.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ was mostly sideways during Thanksgiving week but shot higher on Monday outperforming the ES which is what we would look for if the market is on it’s way to 22500+. If we see this the NQ should be 2-1 or better than the ES on most days.

If they fail to the downside and break support in the 20700 area we could see a quick trip to 20000. Below that and the bulls may be in trouble.

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.