SP500 technical analysis and NASDAQ analysis for today Sep 14th using Elliott Wave Theory- The market got the CPI data yesterday and hated it. They crushed the market down 5% and now we have to decide where we go from here.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market pushed up in the overnights before being shot down by the CPI catalyst. We were looking for a pullback in that range and the market overdelivered. Now we have plummeted down in a straight line and that makes the analysis a little more difficult as we don’t have a structure we can trust just yet but it’s clear that the C wave toward 3450 is the primary count. From here we would look for a bounce from 3900 or above toward the 4040-4070 area for a wave 2 followed by a wave 3 selloff.

However, If they push back over 4117 then we have to take the orange count to 4400 as a likely move.

NASDAQ Analysis

NASDAQ analysis is telling us that the market hit the 13000 area and then plummeted on the CPI catalyst. We are now looking for a bounce at 11866 or above toward the 12457-12580 area followed by a strong selloff in wave 3 of C.

However, if they push back over 12741 then we have to look at the orange count to 14000 as more likely.