SP500 technical analysis and NASDAQ analysis for today May 5th using Elliott Wave Theory- The bears break last weeks low. Now can they close the week below it?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 the market moved lower breaking last weeks low and is setup for a move down to the 3950 area. We would expect a bounce before a C wave down into that area. If they can stay under 4108 then we may see a more direct move.

However, if the bulls can thread the needle and make a slightly lower low and make a 5 wave move up we can see one final push.

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