SP500 technical analysis and NASDAQ analysis for today July 8th using Elliott Wave Theory- The market pushed higher over our resistance box but the ES lagged behind the NQ. Now we need to see if they can follow through.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market rallied up over the resistance box then fell back into the box giving a very weak push in relation to the NQ. This drop down does have us cautious but the break of the .764 retrace means it’s more likely we look higher toward 4000 over the coming days.

However, if the market falls and breaks below 3809 then 3775 then it becomes likely we are headed lower toward 3450.

NASDAQ Analysis

NASDAQ analysis is telling us that the market rallied strongly over resistance and has held over resistance since. This strong move is our indicator that we are headed higher toward 12500 in the coming days. However if they cannot push higher and fall below 11727 then it becomes more likely we head lower in an extension of A.