SP500 technical analysis and NASDAQ analysis for today July 29th using Elliott Wave Theory- GDP is bad, Fed is bad, Google, Meta, Microsoft all bad but the market races higher. Elliott wave theory has a golden rule that news doesn’t move the market and this is another illustration of that.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls pushed higher to the 4100 level but still have more room to push higher if they want. We still need a 4,5 to complete the move up and that would target the 4130 level. From there the pullback will tell the story.

However, if the market can’t hold 4013.50 we may have topped in the A wave of B.

NASDAQ Analysis

NASDAQ analysis is telling us that they have broken over the 12828 level and have 13000 in their sights. When they top the pullback will be key in telling us what count we may be in.

However, they need to hold12520 or they may have topped in A of B.