SP500 technical analysis and NASDAQ analysis for today Sep 29th using Elliott Wave Theory- The bulls fight back after an overnight selloff. Do we have a potential bottom in place?

SP500 Technical Analysis

SP500 technical analysis is telling us the bears sold hard overnight down to the 3613 area before the bulls found a strong rally back up in what appears to be a wave 4. We would expect this to stay under the 3790 area and push down down from there targeting 3485-3550.

However, if they break over 3825 we could invalidate the immediate move down and put in either a short term or long term bottom.

NASDAQ Analysis

NASDAQ analysis is telling us that the market is a little behind the ES in its fall. They hit the 1.236 on the selloff and now have bounced back to the .764 at 11566. We would expect them to push lower from 11699 or below targeting the 10785 level.

However, if they push directly over 11699 then we may have to consider a short term bottom in place.