SP500 – Daily Analysis
In our daily SP500 analysis, we review candlestick formations across multiple time frames, align them with Elliott Wave structures, and track key technical indicators. This methodology allows us to maintain consistency and clarity while evaluating the market’s path.
CANDLES
The candles were right again. Yesterday’s epic 26 bps miss by bears in the final minutes re-energized buyers today. SPX and the other indices closed with bullish candles on the daily and 2D frames. The large upper and lower shadows of SPX and NQ, however, point to a stance near neutral.
Barring a breakdown tomorrow (e.g., NQ −2.2%, SPX −1.5%), the weekly close will likely be bullish, with any minor pullback viewed as healthy.
Short term: SPX — bullish, but near neutral.
Mid & long term: bullish.
Elliott Waves
Mid Term
Mid-term outlook unchanged: the purple count remains primary; the current wave does not look complete yet.
Short Term
The green remains primary, and the index is likely riding wave (5) of iii.
SUMMARY
Short term SPX is closer to neutral, slightly bullish. Mid- and long-term odds remain bullish.
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Happy Trading!
