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 chops around under support as it has for much of the last week. We are looking for the market to reject this area and provide a bigger pullback as the primary path. If that pullback is 3 waves we look higher towards 6400. If it’s a 5 wave pullback we look lower towards a bigger correction that could last upwards of over a decade. It’s certainly possible they move directly to all time highs but that would be the less likely path.

However, any break of the April lows would likely end up with an end to the bull market.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ chopped under resistance as it has for much of the last week. In general we are looking for a potential pullback from this area that would give us a hint as to what to expect in the future. If we see a 3 wave pullback we look higher overall to 24000. If the pullback is 5 waves it can be a bounce then a look out below moment. Of course they can move directly higher but that would be the least likely path.

However, any break of the recent lows would likely end up with the end of the 100 year bull market.

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.