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 chopped sideways in an uneventful day that saw consolidation before the big CPI report this week. As I mentioned last week the market does have a setup for higher and a push over 5282 then 5311 would indicate a breakout to the 5360-5400 area.

However, if they break back below 5218 then we look to a potential breakdown to the blue box to test support.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ was also choppy in a consolidating day. This will lead to range expansion but in which direction? The bulls need to break back over 18575-18625 and that would indicate a move back towards 18850-19129 and new ATHs

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.