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 has now shown us 3 red days in a row. Does that mean we are in a bigger correction? Not yet. Currently all we have done is backtest the 21 Daily EMA and a strong bounce can lead us back to ATHs in the 6800 region. If we fail and break down below the 21 then the FED lows come into play and possibly a bigger breakdown can ensue but the bulls are in FULL control until or unless we break the Aug low. If that happens we will see what our structures look like and if the bulls still have a swing at the highs.

However, any break of the April lows would likely end up with an end to the bull market.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory we saw the NQ also break down to the 21 Daily EMA. This level is a common backtest level for all bull markets and as long as they hold and bounce strongly the bull market remains intact in the short term and 25141-268 would be up next. If they fail below the 21 then that opens the door to the FED lows around 24250 Break that and the bears can drop it a bit.

However, any break of the April lows would likely end up with the end of the 100 year bull market.

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.