SP500 technical analysis and NASDAQ analysis for today December 15th using Elliott Wave Theory- The market took a nose dive after the FED meeting taking out some key support but not all and bounces giving the bulls a glimmer of hope.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 came down after the FED and broke the low from Tuesday as well as the .618 retrace but held above the .764. We now have a downside setup that should target between 3940-3888 before a B wave bounce and then C down to 3700-3800

However, if they are able to hold the low from yesterday and shoot up over 4200 then the move to 4500 becomes the primary path.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ also took a dive at the FED meeting and now has a downside setup in place. They are targeting the 11469-11237 area before a bounce in B and then C down to 10800-11100 However if they hold the low from yesterday and push over 12449 then it opens the door for a bull breakout.