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 and pulled back to the 1.382. We would like to see it fall just a little further to the 1.236 at around 6218 then push higher towards 6400 in a standard EWT formation. This move is still following our path quite well and continues to respect support. As long as we maintain above 6160 the bulls are fully in charge and higher remains the case.

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 consolidate and pullback to the 1.236 fib. This is standard EWT movement and we would expect the NQ to hold in this area and push higher in wave 5 towards the 23500 area. We are above support at 22400 and as long as that holds we are well on our way to that target.

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.