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 continued to press higher into our upper targets and has now reached a level of resistance where we would in general expect to see a smaller pullback. We are in a holiday week which tends to be bullish as well as a wave iii of 3 which is strong so we aren’t necessarily looking to short it without a proper setup. Overall we are looking for a retest of 6160 then higher. If they break below that we could see a diagonal structure take shape higher or even a full on breakdown but the primary remains to look towards 6300-6400 overall.

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 continue pushing towards our upper targets and should it follow through we would look to 23500-24000 overall. From this general area we are looking for a small pullback to test the 22400 area before continuing on towards the 23500+

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.