SP500 technical analysis and NASDAQ analysis for today August 24th using Elliott Wave Theory- The market mostly traded sideways after a quick push up and has begun to break down after hours. From here we need to watch key levels to give us a better idea of where we are.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market is breaking down and now has support at 4080 or above. If we can hold that area we can see either a B wave bounce up toward 4200-4230 or a bigger ABC in wave 5 up to 4400.

However, if they fail to bounce and break through 4080 we could see a direct drop to 3950-4020

NASDAQ Analysis

NASDAQ analysis is telling us that they have arrived at their key support level and are trying to break through. IF they do we would look at a bounce at the 12750-12600 area back up to 13171 or 13306 or possibly a wave 5 up to 14000.

However, if they break directly below 12600 then it starts to look like we are in the bigger pullback toward 12200.