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 raced higher Friday at the close then sold off on Monday morning only to race higher at the close on Monday. With all the whipsaw, what is going on. To put it simply this is how ending diagonals/B waves work. Lots of chop. To keep it simple as we are dealing with choppy ABC patterns, as long as we are above 5295 the bulls are in control and 5400 is likely. In between 5295 and 5242 and it’s a neutral choppy market.

Below 5242 and the bears are in control and we likely see another low playing out that breaks 5200 and could be an indication of a top.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ rallied strongly on Friday and then dropped Monday morning only to rally back into the close. We are following ABC patterns as as such to keep it simple, above 18800 and the bulls are in control and 19150+ is on the table.

However, a break back below 18435 and we likely breakdown to 17900 next.

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.