SP500 technical analysis and NASDAQ analysis for today August 10th using Elliott Wave Theory- The market continued to slowly pullback as it holds support. Will the inflation report be the catalyst we need to get out of this range?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market continued to pullback today down to 4113 but hasn’t broken support. But the pullback today does make it look more likely we will continue the pullback in the next few days. If the market bounces of 4080 then we may be in wave 4 targeting 3950-4011 for a wave 4of the diagonal off the low. But if they blow through 4080 we may be in for a deeper pullback.

However, as long as the market is above 4080 we can still target 4210 in a move up.

NASDAQ Analysis

NASDAQ analysis is telling us that they led the charge on the pullback today and that is another reason the pullback looks more likely than a push higher. If the NASDAQ can hold 12800 and bounce we may be in for wave 4 of the diagonal off of the low. But blow through 12800 and we may be in for a bigger pullback.

However, as long as they are above 12814 then we can target 13500.