Automatic wave scan: as of 4 Nov 2026, the automatic daily count for S&P 500 is Wave 1 down with a bearish bias. The count stays valid while price holds 7,845.
Current S&P 500 wave count
Automatic wave scan Updated daily from the latest daily close (3 Nov 2026). Computer generated from swing highs and lows, not reviewed by an analyst.
Automatic scan: price is in wave 1, the first leg of a five wave decline that began at 7,845 on 6 Oct 2026. Next levels to watch are 7,441 and 7,332. The count fails on a daily close above 7,845.
Key levels
| Type | Levels |
|---|---|
| Resistance | 7 · 845 · 7 · 817 |
| Support | 7 · 508 · 7 · 314 |
| Invalidation | 7,845 |
What is S&P 500?
The S&P 500 was launched in its current form in March 1957 and is run by S&P Dow Jones Indices. Companies are weighted by the market value of their shares that are available to trade, so the largest firms have the biggest effect.
Technology companies make up the largest sector weight. A small group of very large firms, such as Apple, Microsoft and Nvidia, accounts for a big share of the index's moves.
What moves the S&P 500 price?
- Federal Reserve policy: Rate cuts and hikes change the value investors place on future profits.
- Company earnings: Quarterly results, especially from the largest firms, drive the index.
- Inflation and jobs data: US CPI and payroll reports affect rate expectations.
- Bond yields: Higher 10-year Treasury yields can weigh on stock valuations.
- Market concentration: Moves in a few large tech stocks can lift or drag the whole index.
How S&P 500 moves in Elliott Wave terms
The S&P 500 is one of the most studied markets in Elliott Wave history. Ralph Nelson Elliott built his theory on the Dow Jones averages in the 1930s, and analysts have applied it to the S&P 500 for decades. Its long term uptrend since 2009 has shown several clear impulses and corrections.
Corrections in the index often take the form of zigzags in fast sell-offs, such as 2020, and flats or triangles in slower, sideways periods. Wave 4 corrections often end near the prior fourth wave of lesser degree.
Tips for counting S&P 500 waves
Track S&P 500 futures (ES) for nearly 24-hour data. Mark Federal Reserve meeting days and the monthly jobs report.
S&P 500 key facts
S&P 500 Elliott Wave FAQ
What is the difference between the S&P 500 and the Dow?
The S&P 500 holds about 500 companies weighted by market value. The Dow Jones Industrial Average holds 30 companies weighted by share price.
Who decides which companies are in the S&P 500?
An index committee at S&P Dow Jones Indices, using rules on size, liquidity and profits.
Can I trade the S&P 500 directly?
Not the index itself, but you can trade futures, options or ETFs such as SPY that track it.
Sources and further reading
- S&P 500 index methodology (S&P Dow Jones Indices)
- Federal Open Market Committee (Federal Reserve)
- S&P 500 (Wikipedia)
Educational content only. Nothing on this page is financial advice or a recommendation to buy or sell. Trading involves risk and you can lose money. Elliott Wave counts are probabilities, not certainties. Read our full disclaimer and affiliate disclosure.
