SP500 technical analysis and NASDAQ analysis for today July 12th using Elliott Wave Theory- The market pushes higher over the Friday highs. Is 4500 SPX on deck?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the bulls were able to hold support and push higher over the Friday high making the ending diagonal a more probable count. This would send us toward the 4500+ area on SPX to complete either the C of B or ii of 3 up. From there we should start to look for a pullback.

However, if they hold the gap close area and shoot down below 4417 it would be a signal that the local top may be in and we are looking much lower.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ spiked support and then bounced. We still have a downside setup in place and a break of the Monday low as well as the pivot would lead to a 14160 destination.

However, a move back over Friday’s high would put us on course with 15600-700