SP500 technical analysis and NASDAQ analysis for today April 12th using Elliott Wave Theory- The selloff continued on Monday and we are now on the brink of breaking the pivot. As we’ve talked about for weeks the pivot is a make or break level for the markets.
SP500 Technical Analysis
SP500 technical analysis is telling us that the market is testing the 4369 must hold level. If the bulls can hold we can push higher in wave v of 3 of 1. However, if it breaks it becomes likely we head down and test the lows.
SP500 technical analysis using Elliott Wave Theory is also telling us that if the SP500 can hold 4320-25 it can be a wave 2 and start a wave 1 of 3 rally from there.
NASDAQ Analysis
NASDAQ analysis is telling us that the NQ is along for the ride and seeking support in order to start it’s wave 3 higher. It’s seeking support above 13492 or else it also looks to the lows.
