NASDAQ and SP500 technical analysis for today February 17th using Elliott Wave Theory- The NASDAQ and SP500 both effectively moved sideways for the day giving us no real information for the moves ahead.

For the SP500 we could see a move lower as the structure really doesn’t give us anything impulsive that would indicate a move higher. This move lower could test the .618 retrace and if it breaks 4300 becomes a key level on the SP500.

For the NASDAQ we are looking for a move lower as well based on the structure. We would look for them to complete 5 of 3 down to continue the down move for bigger wave 4.

NASDAQ SP500 technical analysis using Elliott Wave Theory is also telling us that we should ultimately expect another test lower but if they push higher it is possible they are tracing out a triangle.