SP500 technical analysis and NASDAQ analysis for today August 9th using Elliott Wave Theory- The market pushed higher before selling off the rest of the day. Have we finally topped?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed up to our 4188 level exactly and then started to sell the rest of the day. Although the start to the pullback looks promising we still haven’t pushed below support so we can’t start to expect deeper until we break 4080.

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 also pushed higher before seeing some good selling but are still above support. The start of the pullback is promising but they need to break 12814 to fully be in the pullback.

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