SP500 technical analysis and NASDAQ analysis for today July 27th using Elliott Wave Theory- Wave 4 took us to the edge on the ES and then rallied hard at the close. now the ball is in the bulls court if they want to push this higher.
SP500 Technical Analysis
SP500 technical analysis is telling us that the bears took us to the edge of support holding 3913.25 and pushing higher at the close. Now the bulls want to continue this momentum up toward the 4030-4100 ES region to complete the A wave.
However, if the market can’t hold 3909.50 we may have topped in the A wave of B.
NASDAQ Analysis
NASDAQ analysis is telling us that they broke down below the wave 1 high but have a pretty solid diagonal setup pointing us to 12828. From there we could see a sharp sell off as that is how diagonals conclude.
However, they need to hold the low from yesterday or they may have topped in A of B.
