S&P 500 Elliott Wave Weekly Update - Saturday, April 17

Technical Analyst & Trader • Apr 18, 2026 at 3:00 AM EDT

The S&P 500 eyes resistance between 7165 and 7480 as its directional rally completes a diagonal Minor Wave 5.

depositphotos_473278940-stock-photo-people-silhouettes-american-stock-market.jpg — Source: DepositPhotos

In this week's podcast I discuss the S&P 500, where I discussed the market's directional rally and provided detailed wave count analysis. I explained how I had adjusted and put back into place trendlines which helped with the identification of diagonal patterns within the minor wave 5 within a broader cycle wave 3.

I analyzed the recent price action from March 30th's low at 6317 to April 17th's high at 7145, discussing the potential for further upside and the importance of key resistance levels around 7165-7480. l also covered the impact of options expiration on market movements and discussed the role of gamma levels in intraday trading.

Video Length: 00:39:12

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