SP500 technical analysis and NASDAQ analysis for today July 19th using Elliott Wave Theory- The bulls fumbled the ball and couldn’t get it back and now we have the markets in a big mess.

SP500 Technical Analysis

SP500 technical analysis is telling us that the bulls took the market up over the 1.382 and failed and then never regained control. They didn’t quite invalidate the bull move so they need to turn it up to 3960 and hold yesterday’s low.

However, if the market falls below 3810 we could see a very sharp drop in a wave 3 of 3 down.

NASDAQ Analysis

NASDAQ analysis is telling us that the current setup is in between the potential C wave up toward 12550 and the triangle down to 11550. If they can’t hold 11550 then it becomes likely we see a breakdown to new lows in the 10500-10600 region.