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 crushed to the downside and spiked the April lows from last year. Since then they have begun a rally but It’s very possible it’s a bull trap. Many charts have broken major support and NQ cratered. However, this rally can be quite strong and take us back to the 5600-5800 area and be setting us up to END a major bull market. This would culminate with a C wave drop into the Oct lows of 2022 or 2023 as just the A wave of the move down.

However, the bulls aren’t “totally dead” if they can get back over 5800 they may have a chance to push back to the highs but it’s not a high probability move.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ saw the bulls get taken to the woodshed and slice right through the April lows. I would now be looking for a potential B wave rally to the 19500-20500 area as a backtest of the breakdown before we see a strong move down into 13000-14000. This would just be the start of the major bear market.

However, the bulls aren’t dead yet. While unlikely it’s possible that if they can get back over the 20500 level which would give them a chance at new highs.

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.