SP500 technical analysis and NASDAQ analysis for today April 20th using Elliott Wave Theory- The market pushed higher in a clear ABC pattern. We now look for the B wave lower toward 4400 before a C wave pushes us higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the current structure favors the bears and a wave (2) setup in C down. However, if the bulls can get another low and build a 5 wave structure they can push higher in wave 1 of 3. Otherwise they will need to count on a leading diagonal to play out.

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 also looking for an immediate low to build off of. The higher they push on the NQ in a corrective manner the more likely we test the lows and the 12500 region. For the bulls they need to either build off a low above 13491 or morph the move up into a diagonal.