SP500 technical analysis and NASDAQ analysis for today August 8th using Elliott Wave Theory- The market sold off in the pre-market and grinded back to even for the day.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was unable to make any movement today and ultimately closed flat which means our parameters are basically the same. The bulls must hold 4080 to move higher and we could target as high as 4210.

However, if the market can’t hold 4080 we should finally start the pullback.

NASDAQ Analysis

NASDAQ analysis has continued to grind higher pushing to new highs with a very ugly structure. It needs to hold support at 12814 to continue it’s push higher on the NASDAQ

However, if they can’t hold 12814 then we should see the pullback begin.