SP500 technical analysis and NASDAQ analysis for today Sep 2nd using Elliott Wave Theory- The bears took the bulls to the brink but the bulls fought back and rallied into the close. Is it time to look higher?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed down to 3903 but was unable to follow through and the bulls fought back and rallied toward 3970 at the close. With many indicators pointing higher the bulls must take back 4020 to give us a high probability of heading toward the 4165-4240 area.

However, if they can’t break 4020 we will could see a selloff to 3750-3850

NASDAQ Analysis

NASDAQ analysis is telling us that they bears pushed down but couldn’t follow through and now the bulls have rallied into the close and with many indicators supporting a move higher. If they can push back over 12530 the bulls are on their way toward the 12750-13100 area.

However, if they can’t push over 12570 we will likely see a drop toward 11600.