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 bulls launched the market higher to start the week which is something we have been talking about for a week or so that we have bottomed and should be looking for a bounce. We are now in the middle of that bounce that should target at least the 5850 area but may need a small pullback first. How we drop off of this bounce will tell us if we are on our way to new ATHs or we are about to confirm the top is in.

If they fail in 5 waves from anywhere on the chart we could be looking at a major market meltdown.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also launched higher as we’ve been talking about a bounce since last week. Now we are seeing the follow through and should see the 21000 area. From where ever the bounce stops we should be watching the pullback very closes as the structure should tell us if we are in for a major correction or a new ATH.

If the bears can push down in 5 waves from anywhere on the chart we could be looking at a major market breakdown.

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.