SP500 technical analysis and NASDAQ analysis for today April 18th using Elliott Wave Theory- The bulls had every opportunity Friday to break out and failed. They then collapsed below the pivots and have now put the market in an uncertain position.

SP500 Technical Analysis

SP500 technical analysis is telling us that with the break of the 4369 must hold level the bulls have one last chance to keep this move up off the lows alive with a wave 2 bounce. We would look for 4303 to hold and start a bounce to the 4568-4630 area. However, if we only bounce to the 4493-4566 area, then the bears are looking at a very nice wave 3 setup down.

SP500 technical analysis using Elliott Wave Theory is also telling us that if the bears break directly below the 4300 level then we are already likely in wave 3 down targeting around 4100 and the 4000 overall.

NASDAQ Analysis

NASDAQ analysis is telling us that the NQ is looking to hold the 13491 area for a wave 2 bounce. If it fails to hold then we are more likely to look for a lower low in bigger wave 4.