SP500 technical analysis and NASDAQ analysis for today October 10th using Elliott Wave Theory- The market is testing support. Can the bulls fight back or is back on the pain train?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pulled back on Friday and tested the bottom of support before pushing through the support box on Sunday night. We are still well within our wave 2 parameters here but the bulls need to fight back soon. If they can defend the low and move higher I expect us to move toward 4200+ as a minimum in an ABC structure or wave1.

However, if they can’t hold support we are looking at 3250-3450 to complete wave 5.

NASDAQ Analysis

NASDAQ analysis is telling us that the the market gave us a pullback on Friday and is testing the lows. If the bulls can fight back and hold we should see a strong rally higher that could be a bear rally in an ABC form or a bullish wave 1.

However, if they can’t hold support then we are looking at the 10400-10100 levels lower.