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 gapped up to open the day but then spent most of the day moving down. While they didn’t close the gap the move wasn’t what you would call an impressive bull rally. From here as long as the bulls can hold Monday’s low we would look for a C wave breakout over the next few days towards the 5350-5400 area.

However, if the bears break below our support box at 5123-5113 then we could see rapid selling

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ was a gap up as well but then sold back down most of the day. It barely held over the 21ema on the daily so the bulls are trying to hold on. From here as long as they are over Friday’s low we would like to see a little more develop in the a wave then a b wave pullback then C toward the 18850 area.

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.