SP500 technical analysis and NASDAQ analysis for today January 12th using Elliott Wave Theory- The market moved toward our target as expected and looks to have completed 5 up. What will CPI bring?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 moved up toward 4000 as expected and completed what looks like a 5 wave move up. From here we would expect a pullback in wave 2 toward the 3840 area on the SPX.

However, a move over 4020 SPX would indicate we could be in a more bullish wave 3 higher already.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is a little more straight forward than the SPX. We are looking for a pullback to the 11000 area and if it holds we should see a strong move back toward the 12500 area.

However a break of the 11000 support area would point us down to 10600