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 failed a breakout and now has broken support to the downside. This is a major warning to the bulls that at least an intermediate top is in. This points us to the 5000 ES level next and a date with 4800 if they can’t hold that. In general from here we would expect accelerated selling over the next few days to see if we are able to hold some very key levels. If not we could see a breakdown to the 4200 level.

However, if the bulls can hold over 4800, they would need to provide a very strong rally and overall proof that they are potentially headed back to new highs.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ strongly through the blue support box and sold off strongly most of the day. Again this is a MAJOR warning to the bulls to get out of the way. We would expect selling to continue to the 17500-250 area where we could potentially look for support. If the bulls can’t hold there we could see a sharp selloff after that.

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.