SP500 technical analysis and NASDAQ analysis for today January 25th using Elliott Wave Theory- The market tried to pullback and break support but was rejected by the bulls. Can the bears give us the pullback we are looking for?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 saw the bears start a pullback and try to break 4k only to be rejected and pushed back toward the high. We now have a potential push higher to complete wave 1 or an ABC pullback in ii of 3.

However, they can push directly higher and a break of 4090 directly would be a cautious move higher that could already be in wave iii of 3

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also tried to pullback and was stopped by the bulls but it pushed to a new high which looks like we just completed wave i of 3. From here we would look for a ii of 3 pullback into the 11600 area. However it’s also possible if they break directly over 12083 that we are going to move directly higher toward 12500