SP500 technical analysis and NASDAQ analysis for today July 7th using Elliott Wave Theory- The market traded sideways into the FED minutes then found a rally higher. However we haven’t broken over the resistance boxes on either index.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market rallied up to the upper end of the resistance box and started to sell off. If they can push over the 3900 level then we should be well on our way to 4050 on this bounce. It is possible we see a pullback into the support box before seeing a big move higher.

However, if the market cannot push over 3900 and break back below 3775 then it becomes very likely we head toward 3450.

NASDAQ Analysis

NASDAQ analysis is telling us that the market rallied up toward that12050 level and then started to sell. If they can rally and push over 12050 on the NASDAQ then it looks like we should be on our way to 12550. It is possible we see a drop to support first beore breaking that level.

However if they cannot push over 12048 and break back below the 11527 level then it’s likely we extend the bigger A wave lower toward the 10600 region.