SP500 technical analysis and NASDAQ analysis for today April 14th using Elliott Wave Theory- The market held the pivot and rallied and now has a nice 1,2 setup to develop a bigger rally higher. The ball is in the bulls court so can they follow through?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market developed a nice 1,2 setup and is currently following the ideal path. We would look for a pullback to hold 4424 but must hold 4416. If they can hold that we should be on our way to 4490 and ultimately 4640. However if 4416 breaks we are likely in for a big fall toward 4300.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the SP500 can hold 4300-25 it can be a wave 2 and start a wave 1 of 3 rally from there and with the bottoming signal this is our primary alt count. However if they can’t hold for a wave 2 then we likely test the lows.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to develop a very micro wave 1 of i of 3 up and needs to hold 14140 or just above the wave 1 high at 14100. If they can hold there and extend higher they will complete 1 of i of 3 and look to pullback in wave 2 of i of 3. However if it doesn’t hold 14100 we likely look lower to support at 13832-13492.