SP500 technical analysis and NASDAQ analysis for today July 27th using Elliott Wave Theory- The market whipped around and basically closed flat. Did anything even happen today?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market pushed to new highs on the SPX and ES then sold hard before closing back at even. This is making an ugly finishing pattern to the charts but is close to finishing off the final waves of a big diagonal higher. We would target 4604 SPX and then look down from there.

However, with the new high, as long as they hold below yesterday’s high and break 4547 SPX then 4528 and 4457 it’s a strong sign the top is in.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ pushed higher towards it’s wave 2 target then sold back down. If it continues it should be in line with ES hitting 4604 SPX and 15800-920 NQ. From there we would look to start 1 of 3 down and break through 15515.

However, If they break down below 15515 it’s a strong start for the bears.