SP500 technical analysis and NASDAQ analysis for today July 13th using Elliott Wave Theory- The market breaks out on CPI data toward the 4500 target. Is there a top in sight?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the bulls have pretty clear parameters. If they can hold above 4473 ES then we are bullish up to the 4551 area. This would look like a potential 5th wave and we would look for resistance in that area.

However, if they break it down below 4473 ES that should be considered a warning to the bulls.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ broke over it’s June highs toward the 15600-700 target. As long as we are above 15308 we are bullish to the target where we would look for resistance.

However, if they break down below 15308 then that should be a warning to the bulls.