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 dropped off of the highs from last week. From here we would want to see follow through 5585 then 5540 in order to signal a bigger pullback is underway. Should we see that our bigger target would be the 5400-5350 area. A break over last weeks high would target 5800 more directly.

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 broke down and actually broke last weeks low. This could be a tell if NQ follows through. We would like to see them get through 19450 then 19397 to signal a bigger pullback into the 18600-700 areas. A direct break over the highs of last week could lead to the 20132 then ATHs after that.

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.