SP500 technical analysis and NASDAQ analysis for today August 1st using Elliott Wave Theory- The market fought back and is poised to make another high before diving lower.

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market was able to hold support on Thursday and push higher on Friday and consolidate on Monday to setup for one more push higher. With the selloff we witnessed on Thursday we should be close to approaching a top as the selloff was likely 4 coming off of the 5 of 3 ending diagonal. So we can see one more push towards 4660 then down.

However, if they can hold Thursday’s high and break below 4560 then 4530 we would look for the top to be in.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has chopped around off of it’s selloff and may be able to extend higher to the 16101 area before we see a significant pullback. If they can push higher for a new high we should see strong selling from that area.

However, if they can hold below the high and break the low at 15486 this would be a strong sign the top is in..