SP500 technical analysis and NASDAQ analysis for today April 24th using Elliott Wave Theory- The market chops on OPEX leaving us in wait and see mode.

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 is bullish until we see the support areas break. This has been a common theme throughout April and right now we have support down to 4120 ES and if that breaks it’s a warning to the bulls. If they can hold that area 4300 is the next key level

However, for the bears If they can break below 4120 then 4100 then we likely see the 3950 area at a minimum.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is continuing to chop sideways and can’t break out over the b wave high at 13298 or below the a wave low at 12924. Until it does we have to wait as it’s pattern is a little more murky now than the ES.

If they don’t push higher we would look for at the 12700 area for the start of a pullback.