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 broke down overnight before ripping higher during the day and closing flat. We have a potential setup in both directions. For the bulls we will need to see a definitive break over this weeks high and that would lead us on a path to likely 5800. The bears need to break down below 5540 to get a momentum move into the 5400-5350 area.

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 overnight and rebounded but continues to be weaker than the ES. It has a more traditional AB setup with a C wave down. To fire they need to take out the ONL from Thursday. The bulls will want to break back over 19850 to regain control of the market.

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.