SP500 technical analysis and NASDAQ analysis for today April 29th using Elliott Wave Theory- The bulls found the party and lit it up but the question is are they here to stay?

SP500 Technical Analysis

SP500 technical analysis is telling us that the current bounce is looking like a C wave up and we may have one more push higher as the move down doesn’t look impulsive right now. If they move directly lower or push over the black pivot we will have to assess the move and decide what the path will look like.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the rally exceeds the black pivot and targets the 4400+ region we have to be alert for the red count to play out. In this case it would be a sentiment shift in the market and we would be looking much lower.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to push higher in a bounce before heading lower and taking out the lows on it’s way to the 12500-12250 region.