SP500 technical analysis and NASDAQ analysis for today Sep 1st using Elliott Wave Theory- The market tested but was unable to break through resistance and sold off into the close. How low can we go?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed up to 4020 twice and failed both times ultimately selling off into the close and breaking through 3950 support. Now we have a line in the sand at 3910. Hold 3910 and push back over 4020 and we are on our way in one of the two bounce paths toward 4200.

However, if they can’t hold 3910 we will could see a selloff to 3750-3800

NASDAQ Analysis

NASDAQ analysis is telling us that the tried to push through resistance and failed and sold off into the close. Now we broke support and have a line in the sand at 12030. Hold 12030 and push over 12660 and we are on our way in a bounce toward the 13100+ area.

However, if they can’t hold 12030 we will likely see a drop toward 11600.