SP500 technical analysis and NASDAQ analysis for today Sep 15th using Elliott Wave Theory- The market chopped and pushed slightly lower before bouncing at the close. Are we still looking for wave 2?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market made a lower low giving another test of the trendline. With a mostly choppy day the bulls found a rally off the low at the close giving us a potential start in wave 2. Now they need to push over the 3990 area to give us a good indication we are following through on wave 2 to the 4050-80 area.

However, If they break the trendline and 3847 then we likely head more directly to 3650

NASDAQ Analysis

NASDAQ analysis is telling us that the market chopped around and couldn’t make a new low and rallied at the close. The corrective structure tells us we are very likely in wave 2 but we need to push over 12292 area as a solid indication. From there they would need to follow through toward the 12534-12642 area and we would look for a reversal there.

However, if they break the trendline and 11601 then we likely head toward 10750 more directly.