SP500 technical analysis and NASDAQ analysis for today May 4th using Elliott Wave Theory- The market pushes lower and tests last weeks low. Can the bulls hold?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 the market moved lower after the FED meeting. The bulls are now up against the wall as they need to hold last weeks low. If they can do that we should see a move to 4161 then a pullback and breakout. This could be confirmed with a move over 4181.

However, if the bears can break last weeks low we should see 3950 quickly.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ continues to play by the rules better than the ES. It is in support for a 3 of 3 breakout and needs a move over 13453 to confirm

However, if the bears can break the 12925 Then 12800area and push down we could see a move to the 12500 area more directly