SP500 technical analysis and NASDAQ analysis for today January 17th using Elliott Wave Theory- The market continued to grind higher on Friday but remains in our resistance area. Can we get the pullback we are looking for?

SP500 Technical Analysis

SP500 technical analysis is telling us that the SP500 pushed up but couldn’t break over the resistance area and still looks like we are ready for a pullback in a wave 2 setup. If we get this retrace it should target the 3916-3850 area and then start higher from there.

However, a break of support and we may be headed to 3600 in a wave C of B

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ is a little different. We are in the resistance zone and looking for a wave 2 pullback into the 11100-11000 zone where we would look for a wave 3 bounce from there.

However a break of the 11000 support area would point us down in the C wave to 10000