SP500 technical analysis and NASDAQ analysis for today July 5th using Elliott Wave Theory- The market has pushed higher over the holiday weekend into a critical junction for the bulls. They need to push through the resistance in order to complete this move higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market is approaching the 3860 level and the bulls need to push through that level and ultimately 3900 to make it more likely we are headed to the 4050 level before we see a pullback toward 3790-3800 on the SP500.

However, if the market cannot push over 3900 and break back below 3740 then it becomes very likely we head toward 3450.

NASDAQ Analysis

NASDAQ analysis is telling us that the market is approaching the 11800 level and the bulls need to push through that level and ultimately 312048 to make it more likely we are headed to the 12500 level before we see a pullback toward 11500 on the NASDAQ

However if they cannot push over 12048 and break back below the 11350 level then it’s likely we extend the bigger A wave lower toward the 10600 region.