SP500 technical analysis and NASDAQ analysis for today October 20th using Elliott Wave Theory- The market chops and pulls back to our support box. If the bulls can hold we should see a move higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market was unable to push through 3777 and is now pulling back to our support box. If they can hold one of the 2 boxes and take out 3777 that is a very strong sign for the bulls and we would look for a move to the 3920 region.

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 has pulled back into our support area and needs to hold one of the 2 boxes. if we can do that and take out the high from Tuesday we should be looking toward the 12000 area.

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