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 traded sideways to up as we continue to look for a potential pullback. If we see a pullback we would expect 3 waves to the 5400-5350 area then a resumption of the uptrend to new ATHs in the 5850 area. Should we see a direct move over 5665 then we likely don’t have a pullback in store before ATHs.

If they give us a 5 wave pullback then we would look at a possible bearish outcome but only if we see 5 down.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also chopped sideways to up and we still are looking for a potential pullback in 3 waves towards the 18600 area before a resumption of the trend higher towards 22000. If they break directly over 20350 then we will likely see a direct path to ATHs.

If the pullback shifts into a 5 wave move we would look to be more bearish and look for a corrective bounce.

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.