SP500 technical analysis and NASDAQ analysis for today July 28th using Elliott Wave Theory- The market gapped then crapped and we may have a reversal on our hands.

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market pushed to the target we gave yesterday then sold off the rest of the day. It broke upper support and needs to push through 4527 SPX then 4500. A break of 4500 would be a strong sign the top is in for either wave 3 or wave C of B with a bigger pullback to come.

However, the bulls can hold the 4500 area in a bigger wave 4 that would point to the 4645 area on the SPX.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ hit it’s target at 15900 then sold off the rest of the day. From here we have a strong potential for a 1,2,i,ii setup. If they can hold under 15900 then break down below the pivot at 15458 we would look for them to follow through to the 14744 area.

However, If they break down below 15458 and push back over 15543 that would be more indicative of a corrective pattern playing out.