SP500 technical analysis and NASDAQ analysis for today October 4th using Elliott Wave Theory- The bulls are back in town. Are they here to stay?

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls found a low overnight on Sunday and gave us a big rally on Monday. Now they have to prove they are for real. To do so we would look for a hold of support in the 3606-3644 area and a new high after that that takes out the 3750 area. If they do that we might be well on our well to at least a bear market rally.

However, if they break below Monday’s low we would look for them to attack the 3450-3550 region.

NASDAQ Analysis

NASDAQ analysis is telling us that the market is also looking for the bulls to prove it. If they can hold support in the 11011-11148 region and take out the high as well as 11613 we may be on our way in at least a bear market rally.

However, if they push below Monday’s low then we would be looking at the10435-10100 region.