SP500 technical analysis and NASDAQ analysis for today May 4th using Elliott Wave Theory- The market traded sideways and sloppy today waiting on the FED to do their thing tomorrow with that dog and pony show.

SP500 Technical Analysis

SP500 technical analysis is telling us that the most likely path from here needs a pullback to the 4125-4084 region on the SP500. Then we should look to a start to wave 3 from there. If they are looking to take a more direct route then we would look to break over 4218 and push to 4275 but I don’t think this is a likely path given the structure.

SP500 technical analysis using Elliott wave theory is also telling us if it breaks the 4084 level we need to be on alert for new lows approaching the 4000 area.

NASDAQ analysis

NASDAQ analysis using Elliott wave theory is telling us that the NQ also traded sloppy but did move into wave 1 territory and that is a good sign for the bulls. I still think they need a pullback low before they can push higher targeting the 12938-12817 areas. If the 12817 level breaks then we likely look lower toward 12500.