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 gave us a little bit of consolidation before pushing directly to 5605. From there we consolidated into the close. Now if the ES pulls back we are looking at the 5500 area as the first major test and if it holds we would be setup for a direct move higher. If they break down structure will tell the story.

If we see the market blow directly through 5605 then we may be in for a rocket ride to 5850

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also consolidated and then broke higher but is still weaker than ES. Right now it still needs to get to it’s 19650 area and break over it to indicate a bigger move up. If they pullback structure will matter and 18900 will be a big test.

If the NQ breaks Friday’s low then we will view that as very bearish.

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.