SP500 technical analysis and NASDAQ analysis for today August 1st using Elliott Wave Theory- The market pressed higher on Friday to the 4140 level before starting to sell a bit on Sunday night. Is this the start of the pullback?

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears started to show back up on Sunday night pushing the market down about .5%. This could be the start to the pullback we have been looking for and it could be a strong move based on the structure of the NQ. We would target the 3750-3950 ares depending on if it’s wave 4 or B.

However, if the market can’t hold 3750 we may be in for another low more directly.

NASDAQ Analysis

NASDAQ analysis is telling us that they have started to sell overnight and we have the potential to start the pullback we have been looking for. This would be in line with our counts and we would expect to see the 11750-12375 range on the pullback depending on the wave.

However, they need to hold11740 or they may head lower more directly.