SP500 technical analysis and NASDAQ analysis for today August 3rd using Elliott Wave Theory- The market is testing support and needs to push through to get the pullback fully started. Can they break support or do we still look higher?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market has formed a head and shoulders pattern and is testing the neckline. It has strong support at 4080 that the bears need to break and follow through on to start the pullback.

However, if the market can’t break 4080 we may be looking at one more high.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has an ABC setup and needs to push through the 12814 support level to get the ball rolling downhill. Since it was a diagonal to the upside we could see a very strong selloff if support breaks.

However, if they can’t break 12814 then we may see another high.