SP500 technical analysis and NASDAQ analysis for today November 11th using Elliott Wave Theory– The market exploded higher and looks like it wants to complete our C wave higher.

SP500 Technical Analysis

SP500 technical analysis is telling us that the market broke our in a big way and moved up about 5.5%. From here they could extend higher because they are pointing at the .50 retrace that would be a minimum target for a B wave higher. The extensions would point to the more common .618 target at the 4310 area.

However, a break below the 3850 area would make us cautious about a potentially strong move lower.

NASDAQ Analysis

NASDAQ analysis is telling us that the NASDAQ appears to broken out in wave 3 after completing a leading diagonal for wave 1. It could also extend to the 11791-12019 area. It has support at 11422 for a wave iv of 3 where we would look for another push higher.

However if they fall below 11195 we could see a new low around 10200-9500