SP500 technical analysis and NASDAQ analysis for today December 5th using Elliott Wave Theory- The market spiked lower on payroll data then recovered all of it’s losses closing basically flat which was a fairly bullish reaction to the move down.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke key support on the move down but battled back strongly to give us a potential for a wave 3 breakout directly toward 4300. We would first want to see 4110 taken out followed by a break of 4141. If they are able to do that the move to 4300 is much more likely.

However, if they are able to break 4007 (Friday’s low) then we would look at them to start building the B wave lower toward 3700-3800

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ spiked lower but was able to recoup all of it’s losses for the day. This is a bullish sign. If the bulls can take out the high from last week and push through 12244 it would indicate a more direct move toward 13000+

However if they break directly below 11745 then it would indicate we are starting the move to 11000-11100