Wall Street closed a mixed session on Thursday, with the S&P 500 edging up 0.19% to 7,568, the Dow Jones surging 1.74% (roughly 883 points) to 51,570, while the Nasdaq 100 shed 0.76% to 30,339. Industrials and defensive names led the rally, while the tech sector stumbled on disappointing forward guidance from the chip industry.
Wave Structure: Impulsive Wave 5 Nearing Maturity
Technical analyses published today continue to frame the S&P 500 within an impulsive Elliott Wave structure unfolding from the March 2026 low near 6,319. Prominent wave analysts note the market is in the late stages of a Wave 5 within a larger Wave (3).
"The structure is textbook — five internal waves, higher highs and higher highs, no overlap in the middle," analysts at WaveTraders note. Key upside targets cited in these analyses range from 7,620 to 7,700, with potential extension toward 7,800.
But there are cautionary signals. Several technical reads warn that the wave pattern is maturing. Smaller-degree sub-waves show signs of exhaustion, some taking diagonal or triangle formations — patterns that often mark the end of a move. The critical support level for maintaining the bullish structure is 7,420–7,450.
Tech Sector: AVGO Crashes, NVDA Stalls
The day's negative headlines came from AI infrastructure plays. Broadcom (AVGO) plunged 14-15% despite beating earnings estimates, after its forward guidance disappointed the market. CrowdStrike (CRWD) also fell more than 10%.
Nvidia (NVDA), the poster child of the AI boom, traded around $215-225. Technical analysis points to momentum stalling at the $232 resistance. "NVDA holds its bullish trend, but the drive is cooling," wave analysts observe. Elliott Wave counts show a continuing impulsive sequence, but short-term consolidation or a correction appears likely before further upside.
Apple (AAPL): Pulling Back Inside the Blue Box
On the technical radar, Apple (AAPL) is getting attention for its wave ((ii)) pullback within a larger bullish structure. A "blue box" buying zone is identified at $304-307, where strong support is expected. "Perfect reaction from the blue box," analysts at Elliott Wave Forecast commented, with expectations for a three-wave bounce higher.
Bitcoin: Corrective Pressure Continues
In crypto, technical analysis reflects a short-term bearish bias. Bitcoin is described in a corrective zigzag pattern with an impulsive C-wave developing lower. The next support zone is identified around $67,000-65,000. Analysts also note rising USDT dominance as additional pressure on the digital asset.
Key Levels Summary
S&P 500
- Near support: 7,520-7,540
- Strong support: 7,420-7,450
- Near resistance: 7,585-7,620
- Wave target: 7,700-7,800
Dow Jones
- Support: 50,820-50,658
- Resistance: 51,616-51,780
The Bottom Line
Markets showed continued strength alongside signs of maturation Thursday. The Dow led on what may be rotation out of tech, while the broader wave structure remains bullish. But technical analyses suggest the current impulsive wave is approaching exhaustion. The coming sessions will determine whether we see a renewed breakout above 7,620 — or a more significant correction.
