SP500 technical analysis and NASDAQ analysis for today August 31st using Elliott Wave Theory- The market pushed up then sold off as we said in yesterday’s video. Now they have started a bounce and the question is will the bounce continue.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market gave us an expected bounce to the 4080 area and then sold off toward 3950. The bounce is starting and needs to push up over 4020 to indicate we are moving up in the B wave toward 4188 or the A wave up toward 4260. Both will look the same until the pullback will tell the story.

However, if they can’t push directly over 4020 we will likely see a drop toward 3950 to test support.

NASDAQ Analysis

NASDAQ analysis is telling us that the market gave us an expected bounce to the 12700 area and then sold off toward 12250. The bounce is starting and needs to push up over 12500 to indicate we are moving up in the B wave toward 13100 or the A wave up toward 13400. Both will look the same until the pullback will tell the story.

However, if they can’t push over 12500 we will likely see a drop toward 12000 to test support.