SP500 technical analysis and NASDAQ analysis for today August 16th using Elliott Wave Theory- The market pushed higher as it breaks 4300 and 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 pulled back to the 4250 support area before pushing up to 4300 as we thought. They have now consolidated under the highs and until we break 4249 then 4203 we are still looking to the upside.

However, our overall outlook remains we need a pullback.

NASDAQ Analysis

NASDAQ analysis is telling us that they pulled back and pushed to new highs as we expected. They are now consolidating under support and can push up to 13711-13817 if the bears can’t break support. The bears need to break 13500 then 13280 to get the ball moving downhill.

However, our overall outlook remains we need a pullback.