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 chopped sideways for most of the day closing flat ahead of big catalysts in PPI and CPI this week. We should see some increased volatility and hopefully the market will tip it’s hand for the next move. The bulls want to hold above last weeks low and push over 5581 to signify a run back to ATHs in the 5830-50 area.

If the bears can break Thursday’s low it would likely setup for a bigger move down in a larger C wave.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also traded sideways and is setting up for it’s next move ahead of the CPI, PPI catalysts. The bulls will want to hold last weeks low and press back over 20142 to signify a move back to ATHs in the 22000 area.

If the bears can hold 19603 or below and move down in 5 waves breaking Thursday’s low it’s a very big warning of a major top being in place.

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.