SP500 technical analysis and NASDAQ analysis for today May 10th using Elliott Wave Theory- The market is chopping sideways to lower in anticipation of CPI. Can we break the range?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 the market chopped lower toward our wave 4 target and then moved sideways all day. We have a few catalysts on the way with CPI, PPI and debt ceiling talks and we could see a push higher in A of the diagonal to the 4175-90 range. Then we would look for a pullback from there.

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