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 rallied to the 6400+ area before turning down into the close. Now can the CPI numbers launch us back higher or do we finally see a decent drop. The big key will be breaking the 6370 zone. Below that opens the door to 6300 and a retest of the Aug lows. If they break those we can see 6050 fairly quickly. However, any hold of 6300 and above leads to new ATHs. July has never printed the ATHs for the year so statistically we would expect at least another high.

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 challenge the prior highs before failing into the close. We still have a long way to go for any significant pullback can be felt and when we do it will be severe but as long as the NQ can maintain over 23000 we would look to the 24000+ area next. If they can break 23000 we could see a swift drop to test the Aug lows.

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.