SP500 technical analysis and NASDAQ analysis for today November 10th using Elliott Wave Theory- The market broke down below support and now threatens to make a push further down.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke down below our support level and now looks to complete the C wave down toward 3640. With the CPI data looming we could see high volatility and a spike down and rally much like last month.

However, if they hold support above the A wave low we could have a leading diagonal to the C wave higher.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ appears to have completed the leading diagonal off of the low. If that is the case they need to hold support above 10777 and then take out the high of the leading diagonal to give a strong indication the pattern up is playing out.

However if they fail we could see a new low around 10200-9500