SP500 technical analysis and NASDAQ analysis for today January 31st using Elliott Wave Theory- The market sold off on Friday afternoon and into Monday. Now we are looking for bulls to hold support and push higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 sold off on Monday as it rejected the pivot. Now we look for the bulls to hold support and push back through the pivot and break out indicating a push to at least 4150

However, they can give a bigger abc toward 3750 if they can hold support

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has pulled back into support and now we are looking for a push back over the high toward 12500-12700. If they can do this we are looking at the 13000+ level

However if they fail to launch we could see a abc to 10800