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 failed to breakout and tumbled back down to the lows. In yesterday’s video I said to look for 5600+ to be a turning point and then if they hold 5470-80 we would look higher. If not back to the lows and that’s what we saw. Now the bears want to break the lows and would target 5400-5385 then 5360 then 5307. Below that get’s very dangerous for the bulls as 5275 is a major support zone.

 

If the bulls can hold they need to push back through 5475 then 5533. After that they must clear the major resistance at 5630 to signal a move back to ATHs.

 

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also failed it’s breakout bid and collapsed. Now it’s testing it’s lows but doesn’t necessarily need one. However if it does break this weeks lows then 18500 is critical support and a break of that is a warning to the bulls with a break of the April lows being a MAJOR warning.

 

The bulls will want to hold 18500 and breakout to the upside. As long as we are below 20125 pressure is down in the short term.

 

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.