SP500 technical analysis and NASDAQ analysis for today August 5th using Elliott Wave Theory- The market chopped around all day as they wait for the Farm Payroll catalyst.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was unable to make any movement today and ultimately closed flat which means our parameters are basically the same. The bulls must hold 4126 to move higher and we could target as high as 4200.

However, if the market can’t hold 4126 we ma finally start the pullback.

NASDAQ Analysis

NASDAQ analysis has continued to grind higher pushing to new highs with a very ugly structure. It needs to hold support at 13036 to continue it’s push higher on the NASDAQ

However, if they can’t hold 13036 then we may see the pullback begin.