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 consolidated under resistance and has been stuck in the 6250 ES range for a few days. Now it needs to make a decision. Spring higher during a typically bullish week or pullback and test support. Support is in the 6160 zone and if they fail that 6130 is important. Below that and we likely have a choppy path higher. Below 5970 and the bulls may be in trouble.

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 start to pullback off of major resistance. and this could be a setup for a revisit of the 22400 area. As long as they hold that area we are looking to the 23500-24000 region. A break of that area and we look to chop into all time highs instead of a more impulsive move. A break below 21700 would be worrisome for the bulls.

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.