SP500 technical analysis and NASDAQ analysis for today May 2nd using Elliott Wave Theory- The bulls tested resistance and fell back down to support. Can the bears push through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pushed right to the edge of the 4207 level but couldn’t break through just yet. The bears brought it back down to support and now the bears need to break through 4181. If they can we should look for the 4127-11 levels on the pullback for wave 2.

However, if the bears can break 4094 it’s a warning.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed higher but wasn’t as close to it’s breakout zone as the SP500. This means it’s still more likely we need a pullback in wave 2 toward the 13006 area. From there we would look for the bulls to hold and push through resistance.

However, if the bears can break the 12925 area and push down we could see a move to the 12500 area more directly