SP500 technical analysis and NASDAQ analysis for today Sep 6th using Elliott Wave Theory- Bulls get rejected at resistance and the market tests the lows. Are we headed lower?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market tested the 4020 area as expected and failed with a strong rejection back down to the lows. Now if the market can move directly over 3960 then 3975 we have a good chance of being in a rally to 4200. If not we likely look at 3850-75 before we see a bounce to 4200.

However, If they can’t hold 3850 we may see a selloff to 3750.

NASDAQ Analysis

NASDAQ analysis is telling us that the bulls couldn’t push through resistance and were sent back to the lows. Now they need to push over 12450 area to get the ball rolling on a bounce to 13100. If they can’t and break the lows then we likely see 11850 before we bounce.

However, if they can’t hold 11850 we may see a selloff to 11600