SP500 technical analysis and NASDAQ analysis for today August 2nd using Elliott Wave Theory- The market appears to have begun it’s pullback but now we need to know which wave it will be. Will we be able to look for the bottom being in or do we have lower in our future.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bears appear to be starting the pullback in the overnights and have broken below the 4100 level. We would want to see a continued move down here to either the 3935-85 area for wave 4 or if they can’t hold that support we would want to see an abc down to the 3760-3834 area for wave 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 the bears are looking to continue pushing lower in the pullback and will either target the 11558-11853 level for wave B or the 12092-12331 level for wave 4.

However, they need to hold 11558 or they may head lower more directly.