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 opened in the bottom end of the range and chopped higher the entire day. This day was slow moving and range bound (5330-5372) and until that range breaks we can chop some more. Overall we are looking for a move to the 5425-50 area in a more direct move as long as we remain over 5330

Below 5330 and we can see the bears attempt to apply pressure.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also chopped higher toward the top of it’s range (19100-18935). We would expect a direct breakout to the 19250 as long as we remain over the 18935 area. We have a pretty full pattern to the upside so caution is warranted up here.

However, a break back below 18935 would give the bears a chance to press lower below 17900

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.