SP500 technical analysis and NASDAQ analysis for today May 3rd using Elliott Wave Theory- The market pulls back in wave 2 ahead of the FED. Is it a bear trap?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pulled back into our support zone and bounced. From here we would expect support to hold and a move back to the 4175-90 area for a wave 1 of 3. From there we would look for a pullback and then a breakout higher.

However, if the bears can break 4098 it’s a warning.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pulled back into support as well. We would look for a bounce from here toward the 13341-13404 areas for for a wave 1 of 3 and then a small pullback and then a breakout.

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