SP500 technical analysis and NASDAQ analysis for today Sep 30th using Elliott Wave Theory- The bears erase the bull rally and threaten the weekly lows. Can they break through?

SP500 Technical Analysis

SP500 technical analysis is telling us the bears sold the market down hard testing Wednesday’s low and then bounced at the close. We are now positioned for another leg lower after the bounce. if the bears follow through we should see a move to the 3580 area to complete all of wave 3 of 5 and then a bounce before the final move down toward 3485-3550

However, if they break over 3825 we could invalidate the immediate move down and put in either a short term or long term bottom.

NASDAQ Analysis

NASDAQ analysis is telling us that the market tried to catch up to the ES today and challenged the June lows. I find it tough to believe we have bottomed with NQ not making a new low yet. The bounce sets us up for a sell down to the 10785 level followed by a potential bounce in 4.

However, if they push directly over 11699 then we may have to consider a short term bottom in place.