SP500 technical analysis and NASDAQ analysis for today September 1st using Elliott Wave Theory- The market chopped sideways while the NQ catches up. What happens next?

SP500 Technical Analysis

SP500 Technical analysis is telling us that the market went into holiday chop mode and grinded sideways to lower. This doesn’t change our overall expectations of a pullback and if we get one we should target the 4449-4469 area. If they hold this area and push higher we should be looking for the 4650 area next.

However, if they give us a break of 4449 in 5 waves we are looking at the 4250 area.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ tried to catch up a bit today and finally hit its 1.0 ext. Now we have a full move up and the pivot is important on the next pullback. Hold the pivot and bounce from the 15321 area and we look towards 16500 next.

However, if at any point we see a breakdown of the pivot, we can see the 14000 area.