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 rallied a bit before giving some back at the close which now sets the bulls up for must hold numbers. As long as we are above 5173 I would expect a rally towards the 5422-5493 zones. Above that and the bulls may have bigger plans.

If the bears can hold under 5493 and break the April lows it’s a major warning to the market that the top is in.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also bounced before selling into the close and now has a must hold number as well. As long as the bulls can hold 17625 I would expect a rally back to the 19175-19603 area. Above that and the bulls may be looking for a bigger prize like ATHs.

If the bears can hold below 19603 and break the lows from Monday then we may have a bear market on our hands.

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.