SP500 technical analysis and NASDAQ analysis for today July 11th using Elliott Wave Theory- The market started to sell off at the close Friday and continued over the weekend pointing us to an unclear structure and giving us caution heading into Monday.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market is selling down into some gray areas which is making the next move a bit unclear. We have the option of a diagonal higher or possibly a larger b wave down toward the 3713-3675 area. If we get that we still look toward 4050 in the next week or so.

However, if the market falls and breaks below 3675 then it becomes likely we are headed lower toward 3450.

NASDAQ Analysis

NASDAQ analysis is telling us that the market has a much cleaner structure for higher but is getting into a key area for support and needs to push higher soon otherwise we may see a bigger b wave before we look to the 12550 area.

However if they cannot hold support and fall below 11727 then it becomes more likely we head lower in an extension of A.