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 shot higher towards our 6400 target area and then retreated a little into the close. We could see a small pullback here but we are still looking higher to 6400 until the chart proves otherwise. From here they will want to hold 6325. As long as they do the direct route to 6400 is open, if they fail 6300 opens up and possibly lower.

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 breakout towards our 23500 target and then give some back into the close. Like the ES we would expect them to continue to push up to our target area unless we see major support break. For the most direct path they need to hold the 23231 and 23172 levels. Below that and we test 23000 and possibly lower.

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.