SP500 technical analysis and NASDAQ analysis for today January 6th using Elliott Wave Theory- The market dropped into our pivot area and now needs to follow through to open the door to the downside.
SP500 Technical Analysis
SP500 technical analysis is telling us that the SP500 fell down to the bottom of our pivot area of 3825. A break below that should open the door to the 3750-3700 area. From there we would look for a rally in wave C toward 4300.
However, the bulls do have a possible path higher in the form of a diagonal but we shouldn’t seriously consider it until they break 3910 SPX.
NASDAQ Analysis
NASDAQ analysis is telling us that the NASDAQ fell down to the 10808 pivot area and is ready to push through. If they do we are looking at the 10515-10600 area before a rally. However a break above 11055 and we could see the bulls take back control of the market
