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 moved higher but was unable to take out it’s Friday high and still has work to do for the upside. If they can push over the Friday high and then the June highs we would expect the 15600-700 area

However, if they can hold under the Friday highs we would look for them come back down and break the pivot to the downside.