SP500 technical analysis and NASDAQ analysis for today July 26th using Elliott Wave Theory- The market moved up as we await the FED. Which way are we going?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market pushed to new highs on the SPX and close on ES. We talked about that yesterday and would expect follow through toward the 4615-40 area. It doesn’t “have” to push that high but those are the common targets.

A break down below 4585 then 4550 would be a strong start for the bears.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed higher towards it’s wave 2 target. It pulled ES along for the ride as expected and we would now look to the 15800-925 region for wave 2/b and then look for a move down from there. Overall structure will be important on both charts.

However, If they break down below 15546 it’s a strong start for the bears.