SP500 technical analysis and NASDAQ analysis for today January 27th using Elliott Wave Theory- The market grinded higher and is looking to break through the pivots which would result in a direct launch higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 grinded higher up into the pivot and is consolidating which is pretty normal. We are now looking for them to push over the 4090 which would indicate we are in wave iii of 3 toward 4200

However, they can pullback to the 4000 area before we see a breakout.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has barely pushed over the pivot and is set to breakout. If it does it should target the 12500-12700 area on the move up. However it’s also possible we get a pullback before we launch higher.