SP500 technical analysis and NASDAQ analysis for today October 18th using Elliott Wave Theory- The market held support and started a big rally off of Friday’s low. We have a bullish potential building in the markets?

SP500 Technical Analysis

SP500 technical analysis is telling us that the market held support and rallied back toward Friday’s high. If they can follow through it would be the first time we have seen this is quite a while. While there is a long way go I am looking for a pretty good rally towards the 4200+ region or potentially a new bull rally. First we would want to take out Friday’s high, then pullback and hold support. After that we would want to take out the new high and the bulls would be on their way.

However, if they break Monday’s low it’s very likely we head toward 3250-3450.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ has bullishly rallied off of support and is looking to take out Friday’s high. If they can do that and pullback and take out the new high that would be very bullish and point us toward at least 13600+

However if they break Monday’s low we likely look toward 9000-9500