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 moved down closing near the lows after consolidating up until FED day. If they break down below the 5900 area that would be a strong indication of a bigger pullback that can test the 5800 then 5400 areas before finding support. Overall the structure will tells the story should that happen. 3 waves is bullish, 5 is bearish. If however they can hold 5900 and push back over last weeks high we look to ATHs in a direct manner.

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 we saw the NQ pullback and also close near the lows. While the bulls still are in control this is a concerning factor for the bulls. When combined with the negative divergences on the MACD we see a market that is prime for a takedown. Now even with this as long as we are above 21700 we are in a bull market and look directly to ATHs. Below that and it will depend on the structure of the pullback.

However, any break of the April 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.