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 chop to start the week but now looks to breakout in the second 1/2 of the week. If they can break over 5800 then we would look for 5817-5850. If they push through 5850 then it’s a rocket ride. Any turndown that is strong below 5850 would be viewed as a potential wave 2.

If we see the market break down below 5560 this is a warning to the bulls.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ also consolidated to start the week but looks to breakout to close the week and is even stronger than ES. If they can stay above 20300 then we look for a direct move to 20700 or more likely 21065. If we turn down strongly we would view it as a start to wave 2.

If the NQ breaks 19100 that should be a warning to the bulls.

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.