SP500 technical analysis and NASDAQ analysis for today October 21st using Elliott Wave Theory- It’s OPEX day and the market has pulled back into our support box. Now we need the bulls to hold and push back over the Oct highs.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market looks to be completing an ABC move down into our support box. From here we would expect support to hold and take us up toward 3900 in one of our SP500 bullish counts. We would look for a strong push out of support that takes out the 3777 high to give us confirmation.

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 is pulling back into support in wwhat looks to be an ABC structure. Now we would look for the bulls to push up out of the support box and take out the 11431 high for confirmation.

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