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 hit ATHs and then retreated only to rally into the close. Now we look to the next couple of days to see if we see a more substantial pullback or an extension to the 6530-50 areas. If they do pullback and can break 6465 the we could see some acceleration into the 6360-70 area for a wave 4 of an ED which would then look to the 6530-50 area next.

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 break out to ATHs then drop throughout the day closing red for the day and showing an opportunity for weakness in the market. If the NQ fails the ES will come with it and a break of yesterday’s low would give the bears an opportunity to shoot for the 23350 region which would put us in a wave 4 of an ED assuming the move down is corrective and holds support. Then we would target the 24150 area next.

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.