SP500 technical analysis and NASDAQ analysis for today August 4th using Elliott Wave Theory- The market held the support levels and raced higher on Wednesday. Now it’s a question of can they follow through to 4200 or do they fail lower?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was able to hold the 4080 level that we talked about yesterday and as a result we saw a new high as expected. With the bears stepping aside the new key level becomes 4126 SPX. Stay above it and we can see 4200.

However, if the market can’t hold 4126 we ma finally start the pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ held support and as a result they were able to race higher to a new high. Now the bulls are back in control and need to hold the 13036 level. If they can do that we can see 13500.

However, if they can’t hold 13036 then we may see the pullback begin.