SP500 technical analysis and NASDAQ analysis for today May 3rd using Elliott Wave Theory- The market reversed at the end of the day in an impulsive structure that could be the start to the next move higher. The bulls still have some work to do though.

SP500 Technical Analysis

SP500 technical analysis is telling us that the move up off the lows has a lot of key factors that support it like an impulsive structure, a lot of volume on the hourly and a push through some key areas.

Now we need to see a pullback hold support at 4085 ES or higher on the SP500 and take out the previous high and the bulls will be fully in control of the market. However a fail below 4085 and we see new lows.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ has moved up in an impulsive wave and is close to invalidating the move down. However it too needs a corrective pullback that holds support at 12817 or higher or we look to make new lows.