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 dropped then popped then dropped in a consolidation day. We still look at our key levels for the bears which is 5310 and 5246. If they can keep it under 5310 and break below 5246 we likely test the 5167-85 area in wave iv. If that breaks we test the blue box.

However, if they break 5311 then we would look back to ATHs and the 5360-5400 area next.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ dropped and then popped in an abc pattern. In the short term this favors the bears as we would be expecting a C wave up which is 5 waves and not an ABC. If that is the case we would look for the bears to break Tuesday’s low at 18200 and look to test the blue box next and if that breaks it’s a major warning to the bulls.

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.