Elliott Wave Theory in SP500 and NASDAQ Technical Analysis on September 5th – Discover the latest insights as we apply Elliott Wave Theory to SP500 and NASDAQ for today’s market trends.

SP500 Technical Analysis

SP500 Technical Analysis indicates a recent consolidation around the 1.236 level leading into the holiday weekend, followed by a downward drift. Currently, our focus is on a potential pullback, with a critical support level at 4449. A successful hold at this level could trigger a move towards 4580.

If the 4449 support is breached, we anticipate a more substantial pullback towards the 4260 area.

NASDAQ Technical Analysis

NASDAQ Technical Analysis highlights a similar downward drift after reaching the 1.0 extension level. Our analysis suggests that a potential pullback should find support at 15241, with the possibility of an upward move towards the 16000 zone if this support holds.

However, a breakdown below the 15241 support level would shift our attention to the 14250 area as the next critical level to watch.