SP500 Technical Analysis 8-1-24 (Elliott Wave Theory)

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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 rocketed higher prior to the FED and just pushed more after the FED. We were looking for this bounce and are expecting an ABC to ATHs from here. If the bulls can breakout over 5630 it's likely we go to ATHs.

If the bears can hold 5630 or below and break back below 5470-80 we would look for a potential drop to the 5385 area.

NASDAQ Technical Analysis

Shifting our attention to the NASDAQ, using Elliott Wave Theory the NQ rocketed higher prior to the FED and then kept the after burners on after the FED. We are trying to figure out if a top is in on NQ or if we need one more rally. A break back over 20125 would indicate that the bulls are trying to push to new ATHs with a break over 20450 making that much more likely.

The bears can push lower and break the 18500 level which would be a warning to the bulls and a break of the April lows is a major warning.

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.

SP500 technical analysis and NASDAQ analysis using Elliott Wave Theory is the most accurate way to define targets for the market. Check us out on Instagram and our website linked above.

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[DJCJ]

5600 was the gap fill.
Thinking we are starting C down but still in the A wave.
I agree we are in an E.D. But I am coming off the 2022 low connecting to the 2023 low for bottom trendline which would take it down to just below 4600. Time will tell. Thanks for the video

[willaerley]

Thanks! You guys are killing it in the room!

[robertfiorillo]

Well it sure looked like a Bull Trap. Happy August 1st 🤪

[mohkur]

Hi Jacob. When did primary switch from bearish to bullish? I must have missed the flip. Also does the winning month include the long put swing?
Thanks

[PonziZombieKiller]

Yeap another bull trap. Gunna be some bagholders. .

[AndreasJeppsson]

Did not reach 5619 so should we expect a new low? What decides if we bounce or not?

[jeffreylindley]

I’m making a killing just buying the dips. MAGA!