SP500 technical analysis and NASDAQ analysis for today August 15th using Elliott Wave Theory- The market pushed higher as it continues to push deeper into overbought territory. A pullback looms but not until we break support.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed higher towards 4280 as the bulls again held support and that is the overall theme. As long as the bulls hold support they can push it to 4290-4300 in a wave 5 of 5 but we may see a small pullback to 4250ish first.

However, our overall outlook remains we need a pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that they held support and continued to push higher. Structurally it does look like we need a smaller pullback and push higher but as overbought as we are it wouldn’t surprise me if we should directly down from here.

However, our overall outlook remains we need a pullback.