SP500 technical analysis and NASDAQ analysis for today November 1st using Elliott Wave Theory- The market dropped a little at the open then chopped around all day. We are still looking for our pullback to play out.

SP500 Technical Analysis

SP500 technical analysis is telling us that with the chop today we are still looking for pullbacks from this area. Overall I think we need to look toward the 3950-4000 region for this top before we see what kind of pullback we get.

However, if they can’t push over the Friday high then we likely look at the B wave toward 3711-3660

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is looking to continue it’s wave C higher where we would look for wave 1 of C to conclude soon to give us a 2 of C pullback. From there we should strong move up to the 12177-12480 range.

However it is possible they have a leading diagonal off the lows that would lead to a more bullish structure.