SP500 technical analysis and NASDAQ analysis for today January 10th using Elliott Wave Theory- The market spiked and sold off today as we hit the target areas

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 Spiked to the upper part of the target zone at 3973 before selling off quickly into the close. This selloff can hold and still make another high before we see a more substantial pullback but a break of 3895 would indicate we may see a wave 2 down to the 3850 area.

However, a below the 3850 area would likely lead to 3720-3700

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ caught up today hitting just over it’s 1.236 as expected and then sold off into the close. We would like to see the NQ hold the 10898 area and start a move higher from there.

However a break below 10898 and we could see a move to 10600