SP500 technical analysis and NASDAQ analysis for today Sep 20th using Elliott Wave Theory- The bulls fought back and took the market higher at the close. Is it time for wave 2?

SP500 Technical Analysis

SP500 technical analysis is telling us the bulls have taken the market back over 3900 and a continuation over 3971 would be a strong indication we are in wave 2 and heading toward the 4010+ area.

However, if they give us a 5 wave move higher we have to be cautious that we are looking at the C wave up toward 4400.

NASDAQ Analysis

NASDAQ analysis is telling us that the market rallied at the close and took the market back to the trendline. Now if they can push over 12250 we would expect them to follow through in wave 2 up toward 12391+.

However, if they can’t push higher over 12250 we can see a selloff to the 10500-10000 level.