SP500 technical analysis and NASDAQ analysis for today July 25th using Elliott Wave Theory- The market chopped sideways to higher as it awaits showtime.

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market mostly chopped on low volume as it awaits a ton of catalysts this week including earnings, FED and GDP. One or all of these have the potential to move the market swiftly. Currently ES needs to hold below 4597 to keep it’s downside setup intact or it will likely push to 4620-40 ES.

However, if we do see them start a breakdown below 4550 then the downside setup becomes more likely.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ chopped sideways most of the day and still has it’s setup to complete it’s 5th wave and bounce up in wave 2 towards the 15800-900 area and that would likely lift the ES to the 4620-40 levels.

However, if they break directly below 15401 then 15326 then it sets up a bigger wave 3 to the downside towards 15084