SP500 technical analysis and NASDAQ analysis for today May 9th using Elliott Wave Theory- The market failed to hold the pivot last week and is now retesting the lows. We are looking for them to find bottoms soon and see a reversal in a bullish structure.
SP500 Technical Analysis
SP500 technical analysis is telling us that it’s pretty simple for the bulls. find a low in the 3900-4000 region and get an impulsive rally to the upside to indicate the reversal has taken place. If they can’t hold 3900 then the 3700 area is the next level in a potential bigger wave IV.
NASDAQ Analysis
NASDAQ analysis is telling us that the NQ is looking for a low inthe 12250-12500 range. From there we would want to see a bullish reversal to indicate the bottom is in and we are trying to start the next rally higher. If they can’t hold the 12000 region we look lower in a bigger wave 4.
