SP500 technical analysis and NASDAQ analysis for today October 28th using Elliott Wave Theory- The market chopped sideways to lower before a shakedown operation in the afterhours spiked us lower. Now we look for the bulls to hold support.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market moved lower as expected during regular trading hours but spiked lower after hours breaking some key support. Now it has bounced and those lows are very important. If they can hold over that low and create an impulsive move higher we could see a wave 5 up toward 3950.

However, if they can’t hold that after hours spike, we could see a bigger b wave back toward the 3690 area

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ wasn’t able to push over Tuesday’s high and is in a corrective pullback the spike lower is important as if the bulls can hold it we can see a strong rally up to the 12400 area.

However if they can’t hold support we could see a bigger fall to the 10780 area.